Inflation Data Boosting Markets

Inflation has been front and center on traders' minds for the last several years as it can impact not only consumer prices but also futures markets. Today, CPI was released and the number came in slightly lower than expected at 2.3%. Throughout the session, the equity indices, precious metals, crypto markets, and Crude Oil traded higher. The Nasdaq led the way higher for the equities being up over 1.5% and Crude Oil also was up over 2.5% recording the 4th consecutive day with a higher high.

Looking at the recent gains in the S&P and Nasdaq, it can be useful to look at the historic relative strength on a daily basis. Currently for the Nasdaq, the relative strength from a daily basis standpoint is at the highest level since the all time high prices from December 17th, and the market is trading well below that level currently. For the rest of the week, traders will hear remarks from Fed Chair Powell about the current inflation and employment landscape and will see more data on global inflation that could add volatility to the markets.

If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/

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