Jobs chasing inflation
S&P 500 tested the bottom part of the 3,875 – 3,810 range sufficiently, and it's about time to start probing the breakout. Even the Fed minutes are out of the way, with the hawkish realization that the Fed isn't planning to cut or ease any time soon. Throwing cold water on the rally, but bonds didn't get the message yesterday, and continued in risk-on posture, see the high HYG volume and reasonably long white body candle.
The narrow window of opportunity to allow the market celebrate CPI while PPI continues raising its ugly head, is at hand. So, make sure you're signed up for the free newsletter and that you have my Twitter profile open with notifications on so as not to miss a thing, and to benefit from extra intraday calls.Silver isn't in any real danger here – levels talked in the linked tweet. Given the copper upswing playing out premarket, we're likely to see the white metal do better Friday and Monday.
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