Dan Passarelli, CEO - Market Taker Mentoring

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Little bit of a lackluster market here. The S&P 500 is able to eke out close to about half a percent. It's what I would call a mixed market where we had some stocks up, some stocks down. The health care sector was up about 1.6%, as were the financial sector stocks. Materials up about .9%. And we had some down too, like the communication services down about .6%, consumer staples and utilities down just a smidge as well. How does this play out going forward? Well, there's some important things to look at going forward. First of all, we're at the 400 level in the S&P 500, which is called a par level, those multiples of 100 or if it's a bigger thing like the NDX of 1000 or so, any number that ends with a few zeros and has few other digits in front of it, we call that par, we tend to see some support and resistance there.

It's an important pivot point, as you can see in the line I'm wiggling around on this chart here. Now in addition to that, we have resistance at the 50 day moving average at 401.64. So the market might have a hard time heading higher tomorrow. And if it does, we could probably get a little bit of follow through next week.

So let's talk about next week. Next week we have CPI and PPI, which is the most important number that we're going to be looking at because all the other numbers are Fed decision numbers based on what the Fed needs to do based on PPI and CPI or whatever inflation figure we're talking about. They prefer a slightly different one as their key metric. But CPI and PPI are very important. So that said, tomorrow will be a little bit of a pivotal day and we probably, I would imagine, we're going to see a little bit lower volume for the next couple of trading sessions until we get that inflation data out the middle of next week. I hope that helps.