Today is off to an interesting start. Following Trump’s call for negative interest rates and more grandstanding on China in New York yesterday, headline CPI came in hotter than expected but right in line with our forecast. As we’ve discussed, this is the result of oil and gas trending sideways in support of the upcoming Aramco IPO.
On top of all that, the impeachment hearings get underway at 10AM and Powell testifies before Congress beginning at 11AM. EIA inventories are delayed until tomorrow due to the holiday.
It was enough to knock ES down by about 17 points where it finally reconnected with its SMA10 on the 8th session in a row during which it tagged its 2.618 Fibonacci extension.
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