S&P 500 went on recovering from the CPI hit, but not without a good share of looking back into the mid 4,980s area. Rising cryptos and its plays in equities such as MARA, COIN, MSTR etc paint a picture of no liquidity pressures, and S&P 500 market breadth is slowly improving too. AAPL also held its 200-day moving average as I wrote in the intraday channel it better does.

All in all, I‘m looking for just unemployment claims today being supportive of soft landing – Empire State with Philly Fed manufacturing and retail sales should come in on the hotter side, bringing back the no landing narrative somewhat. And that speaks for the path higher in the 10y yield (and other rates) to still continue. Yet, both EURUSD and USDJPY favor clearly risk taking in the days ahead.

S&P 500 and Nasdaq Outlook

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S&P 500 proved more resilient yesterday than at the beginning of the year or in mid Jan – Tuesday‘s lows are to hold near term.

Gold, Silver and Miners

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Thursday gold upswing volume is the only question mark I have, together with whether miners multiply that move on a daily basis – that would give a better idea of PPI reaction in the sector.

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