Index Finishes Green!
Added 2024-06-07 20:12:22 +0000 UTCAll major index closed green for the week, $SPY up over 1% on the week and $QQQ about 2% and new ATH's this week.
Next week's data:
T: CHINA CPI 830PM
W: CPI 830AM FOMC 11AM POWELL 1130AM
TH: JOBLESS 830AM PPI 830AM WILLIAMS 12PM 30 YEAR 1PM
F: MICHIGAN 10AM FED POLICY REPORT 11AM
Obviously entire market is waiting on CPI, and we believe it'll be cooler than expected. Given the softer jobs data this week from JOLTS, ADP, and Unemployment Rate at 4% reported today, all this should further bolster rate cuts as soon as September and a Dovish Powell could trigger the next rally.
Our estimates is CPI YOY will come in 3.3% lower than 3.4% Previous, and CORE YOY come inline with expectations at 3.5 but lower than 3.6 previous. Next week, we have upside target of 540.21 and downside target potentially "fear" before event at 530.
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Plan Attached.
