Daily Charts on ES, MAGS & 10-Year YIELD

Good Tuesday Morning, MPTraders!  January 14, 2025-- Pre-Market Update: Traders and investors focus on inflation data and bank earnings for the next 48 hours, which EITHER will reinforce yesterday's upside reversal in the S&P (ES) after a 6% correction from the 12/06/24 ATH and a 9.5% correction in the Magnificent 7 stocks (see MAGS Chart below), OR disappoint the markets, in which case the weakness off of the post-December ATHs will take another leg down. 

Ahead of the PPI data at 8:30 AM ET here are the key levels I am watching:

-- ES must CLOSE above 5882 today to trigger an initial upside reversal signal, otherwise the index will remain vulnerable to another loop down that revisits the 5800 support window... Last is 5880.75...

-- MAGS (Magnificant 7 ETF) must CLOSE above 53.44 to preserve yesterday's upside reversal off of its sharply up-sloping 50 DMA (see attached Chart below)... Last is 54.36...

-- Benchmark 10-year YIELD must reverse and CLOSE below 4.67% to trigger an initial downside reversal, which will provide some breathing room for equities... Last is 4.80%...

More after the reaction to the PPI data... 

 


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Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

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