Channel Down //Economic Reports This Week

Price is at the resistance trendline of the channel.
2 M structures noted, a very large one (orange) and a small one (white). The small one measures to be a Butterfly. The 2nd leg hit the .786 and the 4th leg hit the 1.272.
Price remains above the .618 of the trend up since the Covid low. Price is below the 50% level.

No recommendation.

Mr. Market is choppy today and feels as if it is in wait mode due to upcoming economic reports.

THURSDAY, JAN. 12
7:30 am Philadelphia Fed President Patrick Harker speaks
8 am St. Louis Fed President James Bullard speaks
8:30 am Consumer price index Dec. -0.1% 0.1%
8:30 am Core CPI Dec. 0.3% 0.2%
8:30 am CPI (year-over-year) Dec. 6.5% 7.1%
8:30 am Core CPI (year-over-year) Dec. 5.7% 6.0%
8:30 am CPI excluding shelter (3-month SAAR) Dec. -- 1.3%
8:30 am Initial jobless claims Jan. 7 210,000 204,000
8:30 am Continuing jobless claims Dec. 31 -- 1.69 million
2 pm Federal budget Dec. -$69 billion -$21 billion
FRIDAY, JAN. 13
8:30 am Import price index Dec. -0.8% -0.6%
10 am UMich consumer sentiment index (early) Jan. 60.7 59.7
10 am UMich 1-year consumer inflation expectations Jan. -- 4.4%
10 am UMich 5-year consumer inflation expectations Jan. -- 2.9%