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Well, last week was quite the rollercoaster ride with a nearly 5% down move in the S&P 500 from record highs, and then it bounced sharply and recovered nearly 70% of the down move by Friday’s close.  The drivers for the pullback were early week fears of the upcoming inflation data releases that were released on Wednesday and Thursday, which were the CPI and PPI, respectively.  Indeed, both metrics came in well above the Wall Street consensus forecasts and the headlines were fille

Well, last week was quite the rollercoaster ride with a nearly 5% down move in the S&P 500 from record highs, and then it bounced sharply and recovered nearly 70% of the down move by Friday’s close.  The drivers for the pullback were early week fears of the upcoming inflation data releases that were released on Wednesday and Thursday, which were the CPI and PPI, respectively.  Indeed, both metrics came in well above the Wall Street consensus forecasts and the headlines were filled with stories of surging inflation pressures.  The benchmark fell quite quickly down to the 50-day moving average.  A level where traders would normally consider a key technical analysis support area. 

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