Stocks React to CPI and Retail Sales

Stocks took a sharp dive after yet another hotter than expected CPI print. We tested 3500, then dip-buyers came in and we subsequently pivoted back to recover the 3600's. More momentum followed and we are currently testing our target highs at 3714. Stocks still look strong despite another flaccid data point in retail sales, which came in relatively weak. If we are able to break through highs, then 3810 is the next target. Otherwise, we can expect support at 3624.