Whether people are ready to endure the weekend or not is also a very interesting question that we will find out very soon. If they keep it up over the weekend, this short-lived rally will have more legs. , The NASDAQ 100 was flat in Thursday’s trading as the US consumer price index came in lower than expected. 0. % CPI for the month was much lower than expected 0.6%, so it is not surprising that Wall Street reacted as expected. The APR is still 7.7% so I think it will end up being a big disappointment. It’s worth noting that the market is hovering around the 50-day EMA, an area that many technical traders pay close attention to. Advertisement Stock Markets Crash Again Buy Dips Now! Hope burns forever and Wall Street is always looking for the next story. Annual inflation of 7.7 percent is much hotter than the Fed is comfortable with, which is closer to 2 percent. Fed to remain very tight This makes it very likely that the Fed will remain very tight even as real interest rates themselves accelerate more slowly. It is likely that the Fed will remain tight for longer, and so it is likely that we will eventually see the market fade during this rally, especially as we drift into territory that looks initially resistant. That’s not to say we don’t have a chance to rally now, but I think it’s more short-term than anything else. Recently it can be argued that there is a bit of a double bottom, but at the moment I think it is very difficult to go too high in the long term, because the overall economic picture is still very bleak. I think this is just another bear market rally that will draw a lot of people into the market only to bite them back. Whether people are ready to endure the weekend or not is also a very interesting question that we will find out very soon. If they keep it up over the weekend, this short-lived rally will have more legs. If they don’t, we will likely fall back to the 11,000 level in plenty of time as that would open the door for consolidation.