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CPI below expectations

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Yesterday’s reversal was a welcome reprieve for bulls, especially after the straight line lower from early last Thursday.  From a technical perspective, there’s not much positive to say about the charts of the S&P 500 and the Nasdaq, but to provide an optimistic scenario, we would note that both indices appear to be showing some signs of a reverse head and shoulders. It’s going to take a lot more upside to make these formations look more convincing, and the pattern for the Nasdaq is much looser than the pattern for the S&P 500, but we thought it was worth highlighting.

While the two largest US indices may, and we stress the word may, be showing early signs of a positive pattern, the semiconductors, which typically act as a leading indicator actually opened at their lowest level since Last May on Monday morning.  That being said, like the broader market, the SOX did manage to turn things around finishing the day higher by just over 1.75% and outperforming the S&P 500 and the Nasdaq in the process.

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