S&P 500 Daily Plan: Navigating CPI and Fed Speakers

Bulls Hold Structure, But a 41-Point Rejection Puts Key Support at 6355.75 and 6344.75 in Focus

Good morning, everyone. Today is Tuesday, August 12th, and we need to be on high alert. We have big, red-tag news this morning with the CPI inflation reading at 8:30 AM ET. On top of that, we have Fed speakers scheduled throughout the day, who will undoubtedly have reactionary comments. We need to stay on a swivel, as this environment is ripe for volatility.

Overnight, the indices drifted slightly lower but are still maintaining their bullish structure, holding within the lower value area of the last two days. The VIX is also slightly elevated coming into the news, signaling some market anxiety. Ultimately, we have to wait for the data to drop to see which way this market wants to break.

Let's get into the levels so we're prepared for anything.

Pre Market News:

CPI Probabilities VIA JP. Morgan