Today we will talk about stocks, specifically S&P500 and its wave structure from Elliott Wave perspective.
USD is higher across the board after strong US CPI data yesterday, which triggered some risk-off moves as investors assume that the Fed will not be able to watch inflation for too long; sooner or later they will have to fight it. So different policy expectations is a reason for a downturn on stocks.
SP500 futures are making a sharp drop, a clear intraday impulsive reaction that can cause even more weakness as we see the market in wave four pullback. Nice support is at 3950-4000 area.
SP500, Daily
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