Inflation Weighs on Stocks
As anticipated yesterday, inflation data came in very close to double digits, which rocked stocks. Traders are now pricing in the potentiality of a 100 bps rate hike at the next FOMC meeting in late July, the largest increase since the 1990's. This has weighed on stocks which have tested the lower bounds of the range. So far we are seeing good support from around 3737, with confirmation from a green triangle on the KRI. The Kovach OBV has slumped over with the selloff, but we do appear to have bottomed for now with current levels of support. If we selloff further, we could test lows at 3645. If we pivot from here, we could retest the highs of the range at 3909 or 3937.
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