$SPY TOP 20

$SPY is in a bullish ascending triangle set up right now, with the Top Line at $610, as I said under the $QQQ chart, we could see some sideways movement for the next 2 weeks until CPI is released and $NVDA report in 2 weeks time, which would align with keeping the price action in this ascending triangle....but as many of you know, the ascending triangle is one of my favourite bullish set ups, so I am leaning on the price action breaking out to the upside

Only a Hotter than expected CPI or an abysmal $NVDA earnings could derail this I believe right now....however we can never rule out Trump influencing the market with another creative idea.

For now anyway, we continue to monitor support levels, like the 50 Day MA and the ascending triangle bottom line at $596, this will help guide us.

• Another strong week of earnings are also ahead and although none of the popular Market Mover Mega Caps are reporting, the reports will help us see the health of the economy and shine some light on forward guidance.

Economic Calendar:

Wednesday, February 12:

• Consumer Price Index (CPI) for January: Released at 8:30 AM ET, this report provides insights into inflation trends by measuring the average change in prices paid by consumers over time.

• Crude Oil Inventories: Published at 10:30 AM ET, this data offers insights into U.S. crude oil stockpiles, reflecting supply and demand dynamics in the energy sector.

Thursday, February 13:

• Producer Price Index (PPI) for January: Released at 8:30 AM ET, this index measures the average change over time in the selling prices received by domestic producers for their output, providing insights into wholesale inflation.

• Initial Jobless Claims: Reported at 8:30 AM ET, this weekly data provides information on new unemployment claims, offering a snapshot of the labor market's health.

Friday, February 14:

• Retail Sales for January: Released at 8:30 AM ET, this report sheds light on consumer spending patterns by measuring the total receipts of retail stores.

• Industrial Production and Capacity Utilization: Published at 9:15 AM ET, this data provides insights into the manufacturing sector's health by measuring the real output of factories, mines, and utilities.