Bulls Survived CPI. Consolidating After A 150 Point Rally for Next Move. Jan 12/13 Chart and Plan
Powell speaking Tuesday and now CPI numbers today are out of the way and bulls managed to preserve and increase gains. Price following the trajectory laid out in last nights note extremely well: Rallied to ~4745, pulled back, held those two supports posted (4708, 4690) and now bounced and basing. This action is more or less exactly what bulls want to see. If being precise, price did not hit my 4745 target exactly (came about 6 points shy) but this means price not likely done there yet. Here is what I’m looking for next (Chart and analysis below)