Tuesday’s trade was very muted after the PPI data was released as compared to last Thursday when the CPI data was released. Actually, it was somewhat of a disappointment to watch as well. It took a few minutes to the buyers to come in and start to push higher and then it basically moved in a much slower manner. That was until the news hit that a missile fired by Russia ended up striking a border town in Poland. That did bring several rounds of selling which saw early gains get erased and then put back on.
I updated the labeling and included a “warning” of sorts on leaving open the potential for additional highs above what was seen today. I also discuss what to look for on an upside and downside move. I am leaving the labeling as is where I have marked the completion point for Intermediate wave 2. Although, as I just said we need to leave open the potential for another run for the “brass ring.”
Pre-market on Wednesday will be the release of Retail Sales, Import & Export Prices, and Industrial Production – both Retail Sales and Industrial Production have been “market movers” in the past. Also, NVDA reports after the close.