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Big Market Sell- Off After the Worse Than Expected CPI Data Releases

There was a broad market sell-off after economic data related to inflation was released. This CPI report was a lot worse than expected. And it shows that, in the eyes of the consumer, inflation is high. This is bad for markets. It is still a lower CPI reading than last month which is good. But the market reacted very bearishly.
Big Market Sell- Off After the Worse Than Expected CPI Data Releases
You can see in the picture below how the price began to sell off near a short-term resistance level. And the price came all the way down to the nearest short-term support level. As a technical trader this was the perfect setup for a quick day trade. But now the price is resting just above a long-term upward trending support. Which direction will the market go next?
Big Market Sell- Off After the Worse Than Expected CPI Data Releases
I also want to point out that even if you were not following the economic data but you were still following the short-term trends and technical patterns then you still would have been able to find a good short opportunity today. You can see the upward trending price channel on the 1-hour candles directly below. As soon as the CPI data report was released the price of the S&P 500 rejected the local resistance level and broke down below the support of this 1-hour price channel. And the price continued to fall making any short trade very profitable today.
Big Market Sell- Off After the Worse Than Expected CPI Data Releases
In the chart directly below I have highlighted the nearest two majors support levels to watch out for. These are the levels I believe there might be buyers to provide some demand. Of course that depends if the price continues to fall From the upward trading support level that the price is near. I have highlighted the upward trending support by the purple line.
Big Market Sell- Off After the Worse Than Expected CPI Data Releases
I was assuming the long-term price action of S&P 500 would look like the chart below. But after a very bearish day like today I am questioning if the price action will stay within this long-term wedge formation. It could possibly depend on the inflation data releasing tomorrow morning at 6:30 Eastern US time zone. After today's big move following the inflation data was released I believe tomorrow's price action will be greatly dependent on the economic data that will come out before the market opens.
Big Market Sell- Off After the Worse Than Expected CPI Data Releases
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