The NQ is right at the upper descending trend line on the daily. The market has some decision making to do in the next day or two. I hope your short works out, but I'm just hanging out and waiting for now.
While I admit I got in a little early, the complete U-turn indicates that this might be the top. Not sucha bad call, eh?
Well, no sell off yet, though. Statistics suggest another consolidation day or continuation higher today. Probably not the best trading conditions this week. Low volatility grind.
It's the same situation that happened earlier in the Year. Powell comes out, gives the Market confidence. A Week later, other FOMC members spook the Market. Upcoming Employment and Inflation numbers will be interesting.
I think inflation #’s will be lower than expected . It seems food at store is at top but going sideways a little . What’s really stuck out to me is used car prices have crashed 15%. I got on car gurus looking at used cars last night . Some cars i was looking at have fallen 15-20% last 12 months. I think the mkt smells that and why its so hard to fall much. And me know how desperate Powell is to sneak a rate cut in sooner rather than later before election . His and Biden s job on the line
All good points, but I ain't too worried. This is meant as a swing trade, so I plan to hold on to it for a week or so. We're at the cusp of a turning point, as witnessed by the sharp selloff in the Globex, so it's no surprise to see a choppy market. Anyway, choppy market is good for both bulls and bears alike. So good trading to y'all.
The Used Car price rise was due to Chip shortages post COVID. It's only May, and The Fed are talking cuts in 2025, yet the Market rejoiced when those Payroll numbers came in low last Week. What happens if Inflation remains sticky while Unemployment rises. Then the Market should plunge.
That would be going back to the 70s stag-friggin'-flation. Since I lived through that period as a teen, I can definitely tell you that you'll love every moment of it. You bet, it's a once in a lifetime experience that you won't wanna miss, for sure.
Yep, a lot of older people, Retirees, can't help but be really Bearish for the past three Years, due to bad memories from the 70s.