Market Insights: CPI Data, SpaceX IPO, and AI Stock Watch

Summary

Today's market digest focuses on how crucial technical analysis is for navigating volatile conditions, with the latest CPI data showing 4.2% inflation year-over-year and 0.5% month-over-month, leading to a brief market sigh of relief despite high figures. Geopolitical tensions in the Middle East are causing fractional oil price movements, with markets anticipating a resolution. The upcoming SpaceX IPO on Friday is a major focus, with insiders valuing it at $135 per share, though it's trading around $155 in the pre-market, highlighting institutional efforts to ensure a smooth debut due to its significance as a test case for future AI IPOs. Technically, the S&P 500 and NASDAQ 100 are showing signs of a bearish shift with the formation of lower lows, though not yet confirmed breakdowns. SMCI, a key AI data center rack builder, is down 12% today following a massive $7 billion offering, signaling potential shareholder dilution and risk in the AI trade. Oracle is set to report earnings after the bell, with key intraday support at $191. Investor focus is also shifting towards SpaceX, potentially drawing capital from other space-related stocks like ASTS. Apple is showing a potential for a short-term bounce after hitting support around $288, following a decline post-WWDC. In commodities, oil shows a bearish chart pattern despite geopolitical noise, while gold and silver are experiencing significant downside, with gold testing technical support around $4,100 and silver facing a crucial break at its support level. Bitcoin remains flat, with 60K being the critical support level to monitor.