LIVE MARKETS Dow Industrials poised to pop post CPI

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  • U.S. equity index futures suggest opening strength
  • U.S. Nov CPI MM slightly above est, YY in-line; Core MM/YY in-line
  • Euro STOXX 600 index ~flat
  • Dollar ~flat; gold, crude, bitcoin green
  • U.S. 10-Year Treasury yield ~flat at ~1.48%

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DOW INDUSTRIALS POISED TO POP POST CPI (0900 EST/1400 GMT)

In the wake of mostly in-line November CPI data , CBT e-mini Dow Futures are posting premarket gains suggesting the Dow Jones Industrial Average (.DJI) is poised to rise around 200 points when regular-session trading kicks off on Friday:

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DJI12102021

In that event, the DJI can challenge the 76.4%/78.6% Fibonacci retracement zone of its November-December slide at 35,961.87/36,018.16. Traders will be watching for how the Dow deals with this barrier.

The next levels above this zone include the November 16 high at 36,316.61, the November 8 record close at 36,432.22 and the November 8 record intraday high at 36,565.73. The resistance line from early 2018, which capped strength in November, is now close to 37,000.

A failure to overwhelm the retracement zone, followed by a reversal below Thursday's low at 35,577.14, however, can add credence to the view that December strength has just been a counter-trend bounce. read more

(Terence Gabriel)

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Terence Gabriel is a Reuters market analyst. The views expressed are his own

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