Today the US Consumer Price Index was released.
Year to year +8.5%
Month to month -0-%
This report triggered a massive rally. If stock market bulls think this means inflation is dead they should look at what happened the last time
the US economy suffered high inflation. It took nearly 13 -years to lower inflation.
The bulls buying today could soon be in for a surprise.
The SPX daily RSI is close to being overbought.
As I've recently posted August tops can sometimes be the prelude to very large declines.
The SPX is nearing the time topping zone of 08/17/22 to 09/01/22.
Price zone SPX 4235 to 4320.
Beware bulls this could be a danger zone!
Year to year +8.5%
Month to month -0-%
This report triggered a massive rally. If stock market bulls think this means inflation is dead they should look at what happened the last time
the US economy suffered high inflation. It took nearly 13 -years to lower inflation.
The bulls buying today could soon be in for a surprise.
The SPX daily RSI is close to being overbought.
As I've recently posted August tops can sometimes be the prelude to very large declines.
The SPX is nearing the time topping zone of 08/17/22 to 09/01/22.
Price zone SPX 4235 to 4320.
Beware bulls this could be a danger zone!