Equity Indices In Narrow Range Ahead Of Inflation Data

Good Tuesday Morning, MPTraders!  April 9, 2024-- Pre-Market Update: The Major Equity Market Indices continue to gyrate in a narrow range, mostly acting like the proverbial deer in the headlights awaiting CPI and PPI inflation data on Wednesday and Thursday... Gold remains strongly "bid, perhaps anticipating or ignoring whatever the inflation data tells us later in the week?

My attached Big Picture ES Chart shows the price structure circling the 20 DMA, now at 5258, within a larger rangebound area that spans from last Friday's Bearish Engulfing Candle high at 5308.50 down to last Thursday-Friday Double Bottom Lows at 5192.50 and 5191.50. To gain any technically meaningful upside traction ahead of tomorrow's CPI data, ES needs to climb to and then take out 5290. 

Conversely, weakness that violates and sustains beneath 5236.50 will point the index toward another test of last week's Double Bottom at 5191.50/5192.50... Last is 5267.00... (continued below my Daily ES Chart)...

From the perspective of SPY, I have demarcated the key support zone of 504.50 to 512.50 which is juxtaposed against the key resistance zone of 522 to 526. To gain any meaningful technical upside traction SPY needs to hurdle and sustain 521.80-522.00. Conversely,  weakness that violates and sustains beneath 516.95 will leave SPY vulnerable to a press into much more consequential support from 513.50 down to 512.40... Last is 520.07

Back in a few minutes with some views from the Gold Sector...