The Consumer Price Index monthly report came out today, and it matched expectations.
![cpi](https://slopeofhope.com/wp-content/uploads/2021/03/cpi-640x292.png)
The market apparently embraced this news, jolting everything instantly higher. The ES, for example, shot up about twenty points. I guess the approach of the long-heralded 2% Fed inflation target is exciting to the bulls.
![esspiike](https://slopeofhope.com/wp-content/uploads/2021/03/esspiike-640x380.png)
I suggest keeping an eye on the bigger picture, however. Here is a 1-hour chart of the ES, as opposed to the 1-minute chart shown above. Spike or no spike, the more general movement in recent weeks has been one of price degradation.
![eslonger](https://slopeofhope.com/wp-content/uploads/2021/03/eslonger-640x378.png)