October PPI came in at 8% annually and 0.2% monthly versus expectations of 8.3% and 0.4%. Core PPI remained unchanged at 6.7%.

Futures popped up to our 4050 IH&S target on the news, but had already ramped over 40 points prior to the print.

continued for members… As usual, VIX respected its falling red channel top.it remains to be seen whether the rally has now officially played out. ES came within a few points of the rapidly declining SMA200 and SPX should match it after the open.

Importantly, EURUSD has backtested its SMA200 and is likely to reverse. Combined with USDJPY’s weakness… …we should see DXY rebound after tagging its backtest target. CL has broken down somewhat while RB is still holding its red TL… Although TNX has dipped below its SMA50, it is oversold and should rebound in the next few sessions.