Markets Stuck Ahead of Friday's CPI Report

(6/9/22) Markets are essentially stuck ahead of Friday's CPI report. Wednesday's market party was spoiled by SEC Chairman Gensler pontificating on the end of Payment for Order Flow and creating more of a market auction type atmosphere--a move that would dramatically affect how Wall Street makes its money. The news pushed markets 1% lower by the close, which remained in a tight trading range, for a ninth straight day. The subsequent consolidation process is eating up the buy-signal octane, shrinking the gap between support and resistance. A breakout to the upside would allow markets to shoot towards the 200-MDA, but a break-out lower would re-test lows established last month. A hotter inflation number, and a more hawkish Fed next week would certainly add downward pressure to the market. Volatility, however, remains rather muted. When volatility increases, meaning the stock market is declining, the resulting sell-off would test those recent lows, a potential risk not to be ignored.
Hosted by RIA Advisors' Chief Investment Strategist, Lance Roberts, CIO
Produced by Brent Clanton
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