SPX and ES are trading inside a compressing wedge. Both SPX and NDX are showing resilience against hotter inflation and soaring crude prices, as the Mag 7 and semiconductors continue to carry the indices.

The market is front-running another Trump TACO. If he does not deliver one, I expect a Volmageddon-style event across SPX and NDX.

Our ascending trendline support on NQ continues to hold despite the increasingly hostile macro backdrop.

Small caps and industrials have already been hit hard by the inflation prints, with clear relative weakness across RUT and DJI.