SemperTrader

Trends still showing potential down move; CPI Data to guide us

Short
SemperTrader Updated   
CME_MINI:ES1!   S&P 500 E-mini Futures
So I cashed out my Long yesterday at 4150. Took it as a bonus that I made my weekly goal already. Due to that, I will be sitting out going into the CPI data.

Volume remains ultra low, prices remain fairly stagnant, and trends still seem to be maxed out at least calling for some downward movement.

I'm attempting to remain open minded to a long position, even though I don't see the macroeconomic conditions to support any such movement at all.

Trends into today;
Last Macro Trend Signal Spots
30m - 4144 Uptrend (4/12/2023) Higher High
1Hr - 4131 Uptrend (4/10/2023) Lower High
2Hr - 4140 Uptrend (4/10/2023) Higher High
3Hr - 4101 Downtrend (4/5/2023) Higher Low
4Hr - 4101 Downtrend (4/5/2023) Higher Low
6Hr - 4041 Uptrend (3/29/2023) Lower High
12Hr - 4091 Uptrend (3/30/2023) Higher High
Daily - 4139 Uptrend* (3/31/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low

The Long Position;
A strong move up off CPI data that sends us into new highs past yesterday might be the time to hop in. I'm skeptical, but open minded to a move up 4160 going to 4200.

The Short Position;
Still looking for momentum below 4130, to head to 4100, and ultimately back down to a 6hr downtrend at least, which will be higher now and likely 4090ish. Will have to see what happens from there.

My sentiment is;
Shorter Term - Bearish
Short Term - Bearish
Medium Term - Bearish
Long Term - Neutral
Comment:
Core CPI right on expectations. Went up YoY by .1%
Headline CPI came in slightly lower than expected.
So far green across the board.
Comment:
I may got Short here at 9am EST, with the 3hr and 4hr uptrending, even the ESM is signaling an uptrend, it looks to me like yet again we will be maxed out to the uptrends.

I think there is way too much focus on transitory headline inflation, and not enough on core inflation. I really may just sit out today as I think there is too much illogical movement going on in all of this.
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