SPX continued the push higher today, making yet another new all-time high. The streak is now at 5 straight days of continually making new all-time highs. As key economic data begins to roll in this week, that streak could continue and 7500 is not out of the question.

SPX is comfortably in the 7400s now and has closed above it for the first time.

The daily chart is also more of the same, just another green candle pointing higher. Today was actually a day with less momentum than we saw last week but the push higher still continued. There was a little bit more choppy price action today, which likely indicates a “wait and see” moment for CPI tomorrow, rather than the beginning of consolidation.

SPX is only up about 14 points on the week, so pretty much unchanged as we head into CPI tomorrow. The reality that we live in right now is that a good CPI report could take us to the upper end of the expected move, but a bad CPI report likely won’t take us to the lower end of the expected move.

There is just simply too much bullish sentiment, momentum and FOMO for any sort of meaningful down move to last more than a few minutes.

The uptrend is strong and still seems to be accelerating. For now, this bull wedge pattern is where SPX seems to be confined inside of. The likely result is a break out to the upside.

The analysis should be focused more on the medium term view rather than short term signals. I don’t think any short term bearish signals turn into anything meaningful right now.

Every dip is a buying opportunity, no matter how small. If for whatever reason CPI sends us lower tomorrow, you should expect the dip to be bought up fiercely and relentlessly.

I just want to end by also mentioning that VIX was up along with SPX once again today. This will eventually matter and people will look back at it at some point in the future as a clear sign that they missed. Keep this in mind and remember this in-sync price action between the two when the eventual snap back to reality comes.

Be cautious, but be bullish… for now.

Good luck!