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Gains Stall After Post-CPI Push, But Further Resistance Eyed

US STOCKS
  • ESA has pulled back slightly off session highs and newfound initial resistance at 4423.25 but still sees solid gains after the CPI report helped breach the round 4400 tested prior to the data.
  • The continued push higher has opened a string of resistance levels running off projections based on the May 4-19-24 price swing, with 4427.19 (1.618) and 4452.42 (1.764) next ahead.
  • The 0.7% increase on the day is decent from a macro perspective considering a 5bp increase in 10Y Tsy real yields.
  • SPX is also +0.7%, with banks (+2%) and energy (+1.3%) bouncing back after yesterday’s underperformance but with materials (+2.2%) leading gains. The latter is led by metals & mining (+3.7%) as part of sizeable gains for commodity producers generally after iron ore pushed higher overnight on China stimulus hopes.
  • Away from SPX, the Nasdaq trades broadly in line whilst the Dow Jones lags with +0.5%, as does the TSX (+0.4%) north of the border despite strong energy gains on the day.
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