Stocks: More uncertainty ahead of inflation data

Stocks extended their rebound on Friday, with the S&P 500 index reaching a local high of 5,358.67 and closing 0.47% higher. The market has retraced more of its recent declines, but is this the start of a new uptrend or just a correction before another leg lower? Today, the S&P 500 is likely to open 0.2% higher, as investors await key inflation data this week: the Producer Price Index tomorrow and the crucial Consumer Price Index on Wednesday.

Historically, a dropping VIX indicates less fear in the market, and rising VIX accompanies stock market downturns. However, the lower the VIX, the higher the probability of the market’s downward reversal. Conversely, the higher the VIX, the higher the probability of the market’s upward reversal. Futures contract creeping higher Let’s take a look at the hourly chart of the S&P 500 futures contract.

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