More hotter-than-expected PPI and Retail Sales Data (see table below), owing to higher gasoline prices. Will the stock indices ignore the data like they did after yesterday's CPI? So far, the answer is yes. Although ES pressed from 4539.50 to 4527.50 immediately after the data were released, the index is circling 4530/31 at the moment, up 12.50 points.
Technically, as long as any forthcoming weakness is contained above 4520/22, the ES setup will remain Neutral but with a bullish bias for upside continuation to challenge 4545/50. Conversely, a sustained breach of 4520 increases that likelihood of downside continuation to again probe support at 4495-4500... Last is 4533.00