Stocks Continue to Range
Stocks have found support off lows after the selloff yesterday. Nearly double digit CPI did not fare well for stocks, with some market participants pricing in a 100 bps rate hike at the FOMC later this month. We at pivoted at 3714 after breaking lows at 3739. Currently, it appears that we are making a run back to the midpoint of the range but are struggling with resistance at 3810. If we are able to punch through this resistance, then we could make a run for the highs of the range at 3909. Othwerise, we expect 3714 to provide support, then 3694 if it caves.
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