The number is 4528, folks. That’s the magical invisible level on the /ES futures which is apparently constructed from repurposed iron. In spite of the hot CPI, the permabulls are still trying to bid things up as if it was 2021 all over again, but it keeps conking its head on this level.

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Looking at the longer-term, you can see this isn’t a new phenomenon. This Fibonacci has some influence over prices.

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It’s a shame, because eleven months ago, when the CPI came in a little bit cool, we had an explosive rally which kept going for nine months. This time, the CPI comes in a little hot, and………….bupkis.

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