Bulls Survive CPI, Can The Rally Continue? January 13th Plan
As readers know, I have been bullish since Tuesday’s low, and the reason was clear: Last Friday, we broke out the 3900 level. On Tuesday, we back-tested it starting a fresh rally leg. I’ve been ultimately looking to 4030+, and today’s CPI facilitated the continuation of this path.
Of course though - as with all CPI days - today’s 8:30AM release brought the typical algo-driven volatility, wide swings, and chopping, resulting in ES spending most the day building a base.
Today’s newsletter will be an abbreviated/shortened format as I am heading out of town, and is being sent out early. I’ll delving into my core setup - the failed breakdown - and how it can be used to catch most the moves on a trap-filled day like today (as indicated yesterday). I will also touch on the big picture setup here and targets, plus provide the core levels for tomorrow