$SPY TOP 20
Added 2025-01-12 20:51:57 +0000 UTC$SPY commentary is almost identical to that of the $QQQ chart I just uploaded so please review this chart when you have a chance.
Big decider this week will be how CPI prints, if it comes in cooler than expected then the market can release a sigh of relief and this could help the bulls at least make an attempt to recapture the 50 Day MA which has been lost at $594.
CPI is due out at 0830 EST on Wednesday morning.
This also signals the start of the banking sectors earnings reports too, so this will be an important day, so it is not a massive surprise to see the market showing a lot of volatility and weakness leading to this day.
If earnings are strong, along with a positive guidance increase in Capex spending in Tech, coupled with a cool CPI then the market is in a very attractive position for people to add to catch the last rally up.
The elephants in the room will be the $DXY and the US 10 YR and they must cool down in order for the market to melt up and they are not looking like cooling down right now.
CPI must help here.
Worst Case scenario for the market next is a drop down to the 200 Day MA at $557, a hot CPI and weak earnings will very easily bring the price action down to this MA over the next month.
