Hi Shoppers,

It looks like the market has finally made a decision.

It had been coiling for at least eight trading days, meaning the S&P 400 hadn’t traded above $4,188 or below $4,070.

Yesterday, the S&P made its move outside this range:

It has been waiting on the all important Consumer Price Index, or CPI, number this morning.

Well, that came out at 8.6% year-over-year, the highest number since December 1981.

CPI is going to be especially scrutinized as the Fed and the market are watching inflation like a hawk.

The market couldn’t wait and it decided to make its move before the number was announced.

It was quite the sell off yesterday afternoon, and since it has closed below that support line, it will most likely continue to go lower.

The SPX is a monster to trade just by its sheer dollar amount.

There is an easier and cheaper way to catch a move lower in the SPX.

The Easy Way

There is a cheaper and easier way to play the SPX, it is the ProShares UltraPro Short S&P 500 (Ticker: SPXU).

My pitchfork chart is showing how it has honored that lower support line since late March:

SPXU has the potential to go to $17.85 and possibly $19.90.

Looking at next week’s calls the at the money $17.50s are $.85-$.93:

Thanks for Reading … See You Next Tuesday.

Licia Leslie