The April CPI report due out on May 10 is the headliner event of the week with economists forecasting a 0.3% month-over-month increase in inflation for the month and 5.5% year-over-year gain. Following up the CPI print, the latest update on producer prices will be released on May 11 to also give inflation watchers another talking point.
Chart: SPY daily and 30 mins
The stock market closed out the first week of May on an upbeat note. The major indices were showing decent strength right out of the gate, held onto those gains and traded somewhat sideways until about 1:00 p.m. ET when the rally built up momentum. The late afternoon move higher brought the S&P 500 just shy of the 4,150 level before pulling back somewhat by the close.
Chart: SPY daily and 15 mins
From the tech side of analysis, $405-$413 is a range to play in the next couple of days until May 10th data release.
The stock market closed out the first week of May on an upbeat note. The major indices were showing decent strength right out of the gate, held onto those gains and traded somewhat sideways until about 1:00 p.m. ET when the rally built up momentum. The late afternoon move higher brought the S&P 500 just shy of the 4,150 level before pulling back somewhat by the close.
From the tech side of analysis, $405-$413 is a range to play in the next couple of days until May 10th data release.
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