PPI Data, Rate Hikes, QQQ / SPX Support and Resistance
- CPI data came in expected today, excpet core is 0.1% hotter market didn't really care since we need something really hot to not get a 0.25bps
- PPI data likely will come in expected as well today, since CPI was pretty aligned so technical matter more now
- SPX came close to 200 MA today rejected the 3940 area but QQQ is above 200 MA
- QQQ and SPX reject resistance at the same time
- QQQ broke 294.5 support (yesterdays triple top resistance) in the afternoon and bears didn't follow through bulls V shaped into close
- KRE and XLF both still in daily bear flag territory.
KEY QQQ & SPX BOTH is still under resistance even though we V shaped we closed right under it, so still in the chop range, I am neutral now yesterday i was bull lean and played the bull move this morning as i mentioned when we broke the triple top resistance at 294.5 QQQ I am going long. Now at this range its anyone's game since there are both bear thesis and bull thesis that are both correct at these levels. currently all cash took profit this morning likely scalping depending on which side we break tomorrow.
- PPI data likely will come in expected as well today, since CPI was pretty aligned so technical matter more now
- SPX came close to 200 MA today rejected the 3940 area but QQQ is above 200 MA
- QQQ and SPX reject resistance at the same time
- QQQ broke 294.5 support (yesterdays triple top resistance) in the afternoon and bears didn't follow through bulls V shaped into close
- KRE and XLF both still in daily bear flag territory.
KEY QQQ & SPX BOTH is still under resistance even though we V shaped we closed right under it, so still in the chop range, I am neutral now yesterday i was bull lean and played the bull move this morning as i mentioned when we broke the triple top resistance at 294.5 QQQ I am going long. Now at this range its anyone's game since there are both bear thesis and bull thesis that are both correct at these levels. currently all cash took profit this morning likely scalping depending on which side we break tomorrow.