The S&P 500 has rocketed after October's data suggests that inflation is weakening. CPI came in at 7.7% against an expected 7.9%. The markets are looking for any excuse to anticipate a weaker Fed policy, and a tapering in rate hike trajectory. Yields have fallen dramatically and risk on assets are flying. The S&P 500 blasted off from 3749, through our relative high at 3848. We still have some room to go before 3909 but that is the next target. It might be the case that stocks equilibrate around these higher levels as the data gets priced in. If we retrace, expect support at 3825.
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