CPI rose 0.2% in December instead of the 0.3% previously reported according to BLS revisions released this morning. YoY CPI remained unchanged at 3.35% (3.9% for Core CPI.)

Algos moved higher on the news, with SPX poised to push above 5,000 on the open.

continued for members…

Equities feel very overbought, with rising wedges and channel tags in both ES and SPX. I would consider taking profits or at least adding protection here going into the weekend – unless VIX breaks down.

VIX remains on the brink of a breakdown, with yesterday’s lows already pushing the boundary. VIX’s RSI, however, suggests an upturn here – meaning that the rising wedge and channel line tags for SPX and ES could be taken as legitimate signs of a reversal.

Futures are still pretty quiet and are providing little guidance. DXY has stalled.

Oil and gas are up moderately, which is nudging TNX higher as well.