ES Confined Within Narrow Range

ES after the Data-- If not for the Tariff uncertainty, the improvement in the PPI Inflation data probably would have rocketed the stock indices. Right before the data, ES was trading at 5584.00/25. After the data were released, ES spiked to a high at 5604, but has backed away beneath 5593-5596.

In other words, the reaction to PPI has NOT propelled ES above the upper boundary zone (5655-5675) "required" for the index to extend a recovery rally. On the contrary, the fact that ES remains contained within the range continues to argue for a downside resolution to the three-day setup... Last is 5595.50...