TheStreet.com
After a Hot CPI, Where the S&P 500 and Nasdaq Close Friday Is Key
With hotter-than-expected CPI numbers released Friday morning putting pressure on stocks, closing prices for the S&P 500 and Nasdaq Composite are key for the markets. In our view, the S&P needs to stay above 3,950 and the Nasdaq above 11,428 for us to maintain our view that we have already seen the market lows as inflation fears have already likely been factored in. The Nasdaq 100 (see above), MidCap 400, Russell 200 and Value Line Arithmetic Index reversed their recent shift to near-term bullish back down to neutral.
