ES After the GDP & PCE Data
ES after the GDP and PCE data-- What now? Judging from the debate going on among the talking heads on CNBC, no one is sure what these data mean. Recession? Maybe? Inflation peaking, or here to stay for longer than expected? Who knows?
In the meantime, ES is higher after the "stagflationary" data, climbing from 4004 at the post-data low to 4030 in the past 20 minutes, so Mr. Market appears to be "voting" in favor of a recession that will kill demand (inflation) and influence Powell to cease and desist his aggressive tightening policy sooner than later...
That said, let's see if ES can climb to and above yest's recovery rally high at 4042.75 towards my next target zone of 4070/80. If not, then let's expect ES to remain either rangebound between 4030 and 4000 (possibly down to 3980/85) for several hours prior to making a run towards new recovery highs... Again, only a breach of 3960 compromises the currently constructive setup... Last is 4027.50