S&P 500 did another premarket consolidation only to spike following the opening bell, but the decision not yet to chase the upswing, was a correct one – the setup was good enough only to capture intraday gains both ways.

PPI came in hotter than analysts expected, but I readied you for that. The key event of yesterday though was the array of dovishly reassuring Fed speakers providing the initial risk-on rally fuel. Expect the FOMC minutes to be released later today, to be still on the more hawkish side. Market impact and daily plus medium-term projections are covered in the individual market section.

Let‘s move right into the charts (all courtesy of www.stockcharts.com).

Sectors and Stocks

META is still among the best Big Tech charts, and $330 is closer than a break of $310. I would wait for today‘s anticipated tremors (described above) to play out before entering. Good SMH posture hints at eventual bullish resolution with $314 serving as a first opportune consideration to scale in – in the worst case short-term scenario. In short, I‘m not looking for a meaningful pullback.

Crude Oil

Crude oil faces downside risks, and even $84 can come into play on little fresh news to scare the markets. It‘s the volume of yesterday that‘s most telling in the bearish headwinds set to prevail.

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