Emini S&P 500 and 10-Year Yield In Aftermath Of CPI Data

ES and YIELD in the aftermath of the CPI data, well, what now?  As of this moment, the reaction to CPI has not moved the needle much for either the bulls or the bears, but that said, the lack of sustained strength in ES preserves the dominant downtrend off of the July high. 

Although the initial up-spike in ES to 4525 did hurdle prior intraday highs at 4516 and at 4518, which from a strict pattern perspective has disrupted and neutralized the downtrend, ES needs to follow through to the upside into and above heavy, consequential resistance from 4540 to 4560. Unless and until the bulls accomplish that task, the index will remain vulnerable to downside continuation toward a test and breach of support at 4478 to 4483. Last is 4510.75

As for YIELD, its response to CPI does nothing to change my preferred scenario that argues the weakness from last week's high at 4.20% to today's post-CPI low at 3.95% is a pullback ahead of upside continuation to test the October 2022 high at 4.37%... Last is 3.99%...

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