Wall Street started a Federal Reserve-focused week with an updraft on Monday, pushing higher following the weakness seen last week. Stocks received a boost from data showing a decline in inflation expectations. The CPI report will likely confirm the slowdown in core inflation that was observed last month.
As I mentioned before market open, "if the market opens lower but above 281ish, it might be a good entry point" .
Chart: QQQ 5 mins
Chart: QQQ 15 mins
Following through yesterday's trading session,the market opened high with a small common gap, after the market opened,the market immediately filled the gap and held somewhere above 181, and pulled up. And, the main indices continue to climb heading into the close.
Chart: QQQ 15 mins with forecast
Tuesday at 2PM, the FOMC meeting will set the tone for the remaining three weeks of the year, therefore, the market is likely to trade in a very volatile range between 280 and 290. But I am still overall bullish on this market.
Chart: QQQ 5 mins
From the tech side of analysis, Monday's 5 mins closing energy bar causes QQQ to be a little bit extended from 8&21 EMAs. As the market will wait for the FOMC results, the extension will tend to be filled by price action, but 284ish will provide a little bit support for 5 mins, and the market will likely move around 284ish until 2PM.
Talk about set ups, I will be watching IQ, AMZN day trading opportunites.
Chart: IQ daily
Triangle break comfirmed, around 8&21 EMA support, this is set to roar.
Chart: AMZN daily
Please feel free to express your ideas and thoughts in the comment section.
As I mentioned before market open, "if the market opens lower but above 281ish, it might be a good entry point" .
Following through yesterday's trading session,the market opened high with a small common gap, after the market opened,the market immediately filled the gap and held somewhere above 181, and pulled up. And, the main indices continue to climb heading into the close.
Tuesday at 2PM, the FOMC meeting will set the tone for the remaining three weeks of the year, therefore, the market is likely to trade in a very volatile range between 280 and 290. But I am still overall bullish on this market.
From the tech side of analysis, Monday's 5 mins closing energy bar causes QQQ to be a little bit extended from 8&21 EMAs. As the market will wait for the FOMC results, the extension will tend to be filled by price action, but 284ish will provide a little bit support for 5 mins, and the market will likely move around 284ish until 2PM.
Talk about set ups, I will be watching IQ, AMZN day trading opportunites.
Triangle break comfirmed, around 8&21 EMA support, this is set to roar.
Please feel free to express your ideas and thoughts in the comment section.
Comment:
FOMC meeting tomorrow at 2PM.