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We've had a ping pong match over the last few trading days with giant moves in both directions. Yesterday' move was to the upside and it basically recaptured Friday's losses, which had taken back Thursday's gains. But that's two up days to Friday's losses and suddenly the S&P 500 is almost 200-points above Thursday's lows. The Dow gained 551-points which percentage-wise lagged the broader indices which were up between about 2.5% to 3.5%.

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After an historic positive reversal on Thursday following the CPI report, stocks opened higher on Friday but the bears were there to do what they have been doing most of the year... sell the rally. The Dow ended the day down 404-points and there were a lot of crooked number losses of over 2% in many of the indices. Yields and the dollar moved up putting the pressure on the stock market once again.

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For the week ending 10-14-2022

This is my analysis of the weekly charts for the S&P 500, IWM, the VIX and 10-year yields. Premium subscribers also receive a daily commentary with the daily charts and my timing system’s signals for both TSP and ETFs outside of TSP.

Current YTD returns thru 10-14-2022:

TSP:
G fund: 2.10%
F fund: -15.51%

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Space

Stocks were down early this week ahead of the CPI report on Thursday, that's where things got interesting. The CPI came in a slightly more than expected remaining over 8% year-over-year. This more than solidified at least a 0.75% rate increase in the November FOMC meeting. But the more interesting part is the market action the report sparked. Stock indices plummeted at the open, the S&P 500 opened down 1.58%, but buyers swarmed in for the rest of the day and those losses ...

For years the CPI has been a ho-hum report because inflation has not been any kind of concern. Now look what the CPI reports are doing to the stock market. The futures were up big before the release of the CPI and that got turned on its head after it was released and came in hotter than expected - maintaining a year over year gain of over 8% at +8.2%. The selling was fierce in the 90 minutes before the opening bell, but once the opening bell rang, the buyers stepped up.

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