The CPI numbers will be released in about 30 minutes. What is so interesting is we are literally at the most crucial point in the trend right before these numbers come out! On our most recent dump we have found support again at our bear market low on CME ($18,500). This of course means one of two things. 1. The numbers are better than expected and we get yet another rebound off this level to retest our trendline of resistance which right now sits at around $19,900-20k on this chart. Then we could potentially look to breakout. 2. The numbers are bad and as it look like the fed won't pivot, we break the $18.5k level on CME and start the capitulation we have all been waiting for.
My take. Since we have already started a downwards move and we are in the spot that we are, I think the CPI numbers will be better and we get a bullish move up. If I was just looking at the chart without having the CPI numbers affect me I would be longing here. Therefore at the moment my bias is to the upside, but I am happy to catch the capitulation to the downside if the numbers are worse. Good luck.
My take. Since we have already started a downwards move and we are in the spot that we are, I think the CPI numbers will be better and we get a bullish move up. If I was just looking at the chart without having the CPI numbers affect me I would be longing here. Therefore at the moment my bias is to the upside, but I am happy to catch the capitulation to the downside if the numbers are worse. Good luck.
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