ES Levels 10/11 - Waiting for inflation data

Hello everyone! I'm currently sick with Coronavirus so my voice isn't holding up very well so no video today.

Essentially this is what I'm seeing.. the current chop in the markets is the byproduct of concerns over inflation. With oil prices rising significantly a lot of investors are quite worried over it (rightfully so). They've taken a lot off the table with treasury notes and thus the 10 year is spiking up, putting pressure on tech and any big growth names. At the same time the 10 year and oil are causing financials and energy to rise. That's causing a lot of volatility in the market. I expect we'll continue to chop sideways into Wednesday when the CPI report is due out.

The CPI report will tell us if inflation is real or not. If it shows little to no inflation expect a rally in the market led by tech. If it shows a lot of inflation then expect a drop in the market (again led by tech) and a potential rally in financials if the 10 year rises more.

That CPI report is the key event this week.

Good luck traders!