CPI proves to be a Non-event for Stocks, and breakout gets closer

In this video-based update on the stock market outlook this week, Mark L. Newton, CMT, reviews how the February 2025 Consumer Price Index (CPI) report interacted with key US equity indices and Treasury yields. Over roughly five minutes, he discusses the recent price action in the S&P 500 (SPX) and Invesco QQQ Trust (QQQ), focusing on their multi-week trading ranges and nearby technical breakout levels. Newton examines the relationship between equity indices and the 10-year US Treasury Yield Index (TNX), including the impact of the latest 10-year auction and what a recent move in yields could imply for the pace and character of any future equity breakout attempt.

The report also looks inside the CPI data, highlighting trends in Shelter, Transportation Services, and breakeven inflation expectations across 1-year, 2-year, and 5-year horizons. Newton compares Shelter’s two-year trend with the recent pickup in Transport Services, and addresses how tariffs, DeepSeek-related volatility, and sector performance—especially large-cap Technology, Nvidia (NVDA), Apple (AAPL), Software, equal-weight S&P 500, Dow Jones Transportation Average, and Russell 2000—fit into his technical roadmap. Subscribers get the full video, supporting charts on SPX, QQQ, TNX, CPI components and breakevens, and Newton’s detailed technical view on potential breakout setups and timeframes.

In this video-based update on the stock market outlook this week, Mark L. Newton, CMT, reviews how the February 2025 Consumer Price Index (CPI) report interacted with key US equity indices and Treasury yields. Over roughly five minutes, he discusses the recent price action in the S&P 500 (SPX) and Invesco QQQ Trust (QQQ), focusing on their multi-week trading ranges and nearby technical breakout levels. Newton examines the relationship between equity indices and the 10-year US Treasury Yield Index (TNX), including the impact of the latest 10-year auction and what a recent move in yields could imply for the pace and character of any future equity breakout attempt.

The report also looks inside the CPI data, highlighting trends in Shelter, Transportation Services, and breakeven inflation expectations across 1-year, 2-year, and 5-year horizons. Newton compares Shelter’s two-year trend with the recent pickup in Transport Services, and addresses how tariffs, DeepSeek-related volatility, and sector performance—especially large-cap Technology, Nvidia (NVDA), Apple (AAPL), Software, equal-weight S&P 500, Dow Jones Transportation Average, and Russell 2000—fit into his technical roadmap. Subscribers get the full video, supporting charts on SPX, QQQ, TNX, CPI components and breakevens, and Newton’s detailed technical view on potential breakout setups and timeframes.

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