Base on Nasdaq chart perspective, it will tell us some interesting movement here.
If those red line supporting 10450 area can be supported before CPI data announce, very high chance it could be a positive one & tech market could rebound from there. For a solid trend progress, 11678 area must break.
On the macd & chip indicator is still on weak side.
CTA Market Outlook
Good day everyone,
CPI CPI CPI ! nothing is more important than that ! Ever since Feds had jeopardize the hope of reviving bull, CPI is the only hope now. They are expecting a 8% data outlook. Market will cheers if the data is lower than expected & vice versa if is higher. If is higher, this means current hike rates is not aggressive enough & bear would be much fierce ahead. This is why defensive mode is require back there for conservative trader to survive this bearish market. Else majority holding would continue to slump further down & the damage wise will be a hard turn around. While conservative traders are on a defensive mode, aggressive traders might interested in energy sector here cause recently there are some momentum on going. Let's dive straight into these interesting chart as below.