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PPI comes in hotter than expected, too!But 10-year YIELD, after knee-jerking to 5.10% from 5.08%, is now LOWER, at 5.06%... ignoring the relatively hot PPI data, and instead, apparently still fixating on the impact of the dressdown of the AI boom.The Equity Indices initially spiked lower-- to marginal new lows for this correction- but have recovered to where they were trading just before the PPI Report. That said, my near-term pattern work argues that unless and until ES climbs and sustains above 7795, strength off this AM's marginal new corrective low at 7728.
With today's sharp drop, the risk of the market having already put in a top in the larger diagonal off of the June 9th low has certainly increased. We are currently testing the lower end of the key support zone for the potential wave b, as I am showing in white on the SPX chart. However, if we continue to push lower over the weekend and early next week, then we will have confirmation that we have indeed topped in all of the diagonal off of the June lows.
In Case You Missed It… (See below for a link to Ryan's monthly public Crypto webinar)NDX sold down 5.5% this week. SPX sold down 2%. IWM sold down 3%. And the Dow 30 was up 0.5%. Tech stocks were clearly at the epicenter of the sell-off, a lot of which happened on Friday. Friday was also a monthly options expiration date. Volume was near average this week with very low volume to start the week and high volume to end the week.
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