Soft PPI and ES overnight support

Conviction: 58% · Horizon: 1D · 2026-08-13
Soft PPI favors a hold of the ES overnight low and a stop run through 7800

A softer Producer Price Index eases near-term inflation pressure and supports a bid in S&P 500 futures. The overnight low at 7760 is the session pivot; while it holds, price can probe 7800 to clear resting stops. A failure to hold 7760 would flip the tape bearish.

Instrument Side Target Reason
ES=F Long 7800 A soft PPI print eases near-term inflation pressure and supports a bid in S&P 500 futures. Holding the overnight low at 7760 keeps the auction intact for a squeeze through 7800 to harvest stops; a break of 7760 would invalidate that bid.

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