Notas del episodio
https://join.robinhood.com/jacke30
• Regime markers:
• Sub-14 and falling: risk-on, CPI likely cool/inline.
• 16–18: chop; headline-sensitive.
• Term structure: Backwardation (near-dated VIX futures > far-dated) after CPI is a red flag for near-term drawdowns.
• CDX/IG spreads:
• Tightening after bank earnings: Confirms credit stability. Widening >5–10 bps on hot CPI or weak guidance is risk-off confirmation aligning with equity drawdown.
Rates and factor impacts
• Treasury yields:
• 2-year vs. 10-year:
\text{Slope} = y_{10} - y_{2}
• A bear-steepener (10-year rising faster) on hot CPI pressures growth; a bull-steepener after cool CPI often rotates into cyclicals and financials.
• High-beta vs. low-vol:
• Post-earnings rotation measured via ratio charts (e.g., SPHB/SPLV). A sustained breakout signals risk-on confirmation; breakdown aligns with defensive bid.
Volume and market profile
• CPI session volume:
• VWAP anchoring:
• Anchor year-to-date VWAP to CPI day; acceptance above = bullish context, rejection below = bearish.
Event schedule and likely market impact
Scenario ladders and mechanical triggers
Scenario A: CPI cools or inline
• Expectation: Front-end yields dip; VIX slides; breadth improves; banks steady.
• Triggers:
• SPX closes above 50-DMA on >1.2× volume with RSI >55.
• NDX breadth >50% above 50-DMA within two sessions.
• VIX term structure in contango and spot <15.
• Actions: Favor cyclicals and quality growth; add on pullbacks to anchored VWAP; use MACD histogram expansion for scaling.
Scenario B: CPI hot
• Expectation: Yields jump; VIX >20; defensives bid; banks mixed if NIM helps but credit jitters rise.
• Triggers:
• SPX rejects 200-DMA and RSI slips <45.
• Backwardation in VIX futures persists 2+ sessions.
• IG spreads widen 5–10 bps and XLF relative strength breaks down.
• Actions: Reduce beta; rotate to defensives; watch for mean reversion once VIX spikes >22 and put/call ratio exceeds 1.0.
Scenario C: Earnings beat but cautious guidance
• Expectation: Initial rally fades; leadership narrows.
• Triggers:
• Gap-and-crap patterns in mega caps; failure to hold opening gap by close.
• Breadth stalls <45% above 50-DMA despite index up.
• Actions: Fade strength in overbought leaders; look for equal-weight indices underperforming cap-weight.
Quick checklist for the week
• Pre-CPI: Map SPX, NDX 50/200-DMA, set alerts at those levels; note VWAP anchors.
• On CPI release: Track VIX spike and term structure; check 2s10s slope; log volume vs. 20-day average.
• Post-earnings: Confirm gap holds and breadth thrust; monitor IG spreads and XLF relative strength.
• End-of-week: Validate RSI regime shifts and MACD cross follow-through; reassess scenario ladder.
Why these are the top stories
• CPI is the final inflation checkpoint before the Fed meets, giving it outsized influence on rates and equity multiples this week. Strong bank results have already steadied indices, and continued reports can either broaden that resilience or reveal cracks—making earnings a second core driver. Data disruptions from the ongoing shutdown increase the marginal impact of releases and Fed color, amplifying market sensitivity to each headline.
If you want, I’ll map your specific trigger levels on SPX/NDX/XLF and set objective entry/exit ladders for each scenario.