US Session: Caution and retention of trade in the weekly range, before tomorrow’s CPI /15:30/.

Mixed presentation of US futures before the start of the stock market session on Wall Street – caution ahead of tomorrow’s CPI release /Wednesday 15:30/
-At 3:30 p.m. the PPI data from the US came out, and the bigger-than-expected increase on a monthly basis sent the SP500 sharply lower to the $5,200 level – a momentary market noise that was subsequently neutralized. The revision to the previous PPI release showed a smaller than initial year-on-year rise, which ended up supporting sentiment despite the acceleration on a monthly basis.

Caution among traders in Europe, with mixed index performance and narrowed trading range.
-Wall Street traders are also in stand-by mode ahead of the consumer inflation data, which could keep the SP500 trading in the narrowed weekly range well into today’s session.

Before the start of the trading session, futures are traded as:
SP500 down 0.03%
Nasdaq down 0.15%
Dow gains 0.05%
Russell 2000 gains 0.86%
*The gains in the Russell 2000 are not due to a greatly increased risk appetite for small caps, but to the huge volatility of some meme stocks.

No significant economic releases from the US are expected for the remainder of the session, with traders focusing on Powell’s /Fed/ statement at 5:00 p.m. shortly after the start of the session.

THE TECHNICAL PICTURE – SP500 – DAILY CHART
-Long Trend
-DeMarker Oscillator with reverse in neutral
-Sequential with ascending printing at 8 o’clock
-A spike to 5,200 indicates a lack of selling interest, suggesting a hold on trading in the $5,230/$5,200 range for today’s session as well.