New Recovery High For Emini S&P 500

ES-- Heading into the end of the second hour of trading, ES has climbed to a new recovery rally high at 5426.25, which completely satisfies my next upside Target Zone of 5415 to 5425. If no weakness emerges ahead of tomorrow's CPI Report-- such as a sustained decline beneath 5400, then a cooler-than-expected CPI inflation report (after a cooler-than-expected PPI Report today) will have the potential to extend the advance off of the 8/05/24 spike low to 5480-5510.

Today's relentless grind higher suggests strongly that traders are discounting a very chilly CPI Inflation Report tomorrow that will get the Fed much closer to its mandated target of 2%... and presumably, a rate cut sooner than later or a larger than expected September cut of 50 bps... Last is 5423.50