> ## Content Index
> Fetch the complete content index at: https://www.yardeniquicktakes.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# A Happy Day Is Here Again For Stocks & Bonds
- URL: https://www.yardeniquicktakes.com/a-happy-day-is-here-again-for-stocks-bonds/
- Published: 2022-11-10T20:05:36.000Z
- Updated: 2022-11-10T20:05:36.000Z
- Author: Ed Yardeni
- Tags: S&P 500, Technicals

Stocks and bonds rallied and the dollar fell after today's release of October's better-than-expected CPI. The headline rate was 7.7% y/y, lower than the 7.9% consensus and below September's reading of 8.2%. Leading the way down has been the CPI durable goods inflation rate, as we've been expecting (chart).

We've been thinking that the bear market in the S&P 500 might have bottomed on October 12 at 3577 on a closing basis. It opened below that level on October 13 following the release of September's hotter-than-expected CPI. It turned out to be an impressive reversal day with the S&P 500 closing up 2.6% from the previous day's close (chart).

![](https://storage.ghost.io/c/16/ef/16efc0dd-240f-4f5e-9e01-d619d6fd4fd1/content/images/2022/11/capture-14.jpg)

About an hour before the close today, the S&P 500 was up 4.8% to 3929\. We've been thinking that the index might revisit its August 16 high of 4305, where it met resistance at the 200-day moving average back then. So far so good. Yesterday's 200-day moving average was 4072\. It would be surpassed in our Santa Claus rally scenario. 

![](https://storage.ghost.io/c/16/ef/16efc0dd-240f-4f5e-9e01-d619d6fd4fd1/content/images/2022/11/capture1-1.jpg)

[View All QuickTakes](https://www.yardeniquicktakes.com/)

[View Our Live Charts](https://www.yardeniquicktakes.com/live-charts/)