#SPX #DailyReview #DailyOutlook:
PPI and Retail sales were the main news today but, they weren’t able to move the us up or down much. Price of producing goods has dropped slightly and retail sales have only inched up slightly. Many people are not spending early near the beginning of the Xmas season Q4 so this may be playing to the move from today.
8:30am
USD
Core PPI m/m
0.0% 0.3% 0.2%
USD
Core Retail Sales m/m
0.1% -0.1% 0.8%
USD
Empire State Manufacturing Index
9.1 -3.3 -4.6
USD
PPI m/m
-0.5% 0.1% 0.4%
USD
Retail Sales m/m
-0.1% -0.3% 0.9%
Tomorrow we will have Unemployment Claims and since we didn’t move much today, this will be our last major news of the week.
(Yesterday’s setup) Because we closed so high up on news my initial thought is for a LTF pullback but given that the PPI is tomorrow we may stall until the release. Either way we have the PDH and previous week highs (PWH) from the 9/11/23, 9/4/23, and 8/24/23 as the closes draw on liquidity. Once the PPI release happens, all bets are off and the market will do as it pleases.
#1 Still left from yesterday are the PWHs and now the PDH. We only tapped the first PWH and didn’t really trade through it so these will be up side target still
#2 Stalling today makes the sell setup a little more interesting a big doji today on the daily gives us a better setup for a move down on the LTF. The fresh PDL and the -$ (sell side liquidity) would take us into the 1H/4H+FVG.
1H chart
PPI and Retail sales were the main news today but, they weren’t able to move the us up or down much. Price of producing goods has dropped slightly and retail sales have only inched up slightly. Many people are not spending early near the beginning of the Xmas season Q4 so this may be playing to the move from today.
8:30am
USD
Core PPI m/m
0.0% 0.3% 0.2%
USD
Core Retail Sales m/m
0.1% -0.1% 0.8%
USD
Empire State Manufacturing Index
9.1 -3.3 -4.6
USD
PPI m/m
-0.5% 0.1% 0.4%
USD
Retail Sales m/m
-0.1% -0.3% 0.9%
Tomorrow we will have Unemployment Claims and since we didn’t move much today, this will be our last major news of the week.
(Yesterday’s setup) Because we closed so high up on news my initial thought is for a LTF pullback but given that the PPI is tomorrow we may stall until the release. Either way we have the PDH and previous week highs (PWH) from the 9/11/23, 9/4/23, and 8/24/23 as the closes draw on liquidity. Once the PPI release happens, all bets are off and the market will do as it pleases.
#1 Still left from yesterday are the PWHs and now the PDH. We only tapped the first PWH and didn’t really trade through it so these will be up side target still
#2 Stalling today makes the sell setup a little more interesting a big doji today on the daily gives us a better setup for a move down on the LTF. The fresh PDL and the -$ (sell side liquidity) would take us into the 1H/4H+FVG.
1H chart
