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testing support, wait to see if bulls are willing to defend here.
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Opening gap down on YM, ES and NQ. I like it. I want the market to get rid of any overpricing. I think there is more needed, whether or not it goes there.
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Oh man that was something. I got up early just like a payroll day and it was terrifying. 45 points in 3 minutes.
Fehro's 30 minute chart has the big volume bar pointing out 2643 ES is the midpoint of this entire sell-off so we are still in the top half of the range.
Real question is what are the longer time frame crowd going to do now that they know the Fed will not be backing off anytime soon. I am guessing they will be having strategy sessions first thing this morning and then the new plan will start moving the markets, if they decide to start rebalancing.
ES 2654 to 2658 was the low volume node we vacuumed up through yesterday. ES 2662 is the thickest part of yesterday afternoon's volume. If it breaks through there then maybe we get that 100% retrace back to the news release.
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Sorry about how unreadable this chart is with all the overnight on it. My point is the overnight volume profile on the left side, especially the low volume areas, have done a good job of showing support and resistance this morning.
ES 2677.50 is the high to take out.
fehro wrote:INDex dailies. will not be pretty today.. at these levels… /ES 30m fwiw
buckle up.. careful here.. /ES at resistance again NDX /COMPQ /QQQs at 50d..
be so careful.. this "feels" like a giant sucker, FOMO rally… looking for possible nLODs in Indexes, oil, gold.. all way to violent up…. possible gravestones dailies across the board.. profit taking before this long weekend
There's a confluence of two widely-watched daily MAs... the 50day and the 10day ema. Per Stockcharts, that level for QQQ is exactly 160.65, at this moment.
fehro wrote:INDex dailies. will not be pretty today.. at these levels… /ES 30m fwiw
buckle up.. careful here.. /ES at resistance again NDX /COMPQ /QQQs at 50d..
be so careful.. this "feels" like a giant sucker, FOMO rally… looking for possible nLODs in Indexes, oil, gold.. all way to violent up…. possible gravestones dailies across the board.. profit taking before this long weekend
More good news for Main Street is more bad news for Wall Street.
U.S. inflation came in at 2.1% in January compared with a year earlier, another sign that wages are rising for workers. The rise in consumer prices was higher than economists expected.
In the big picture, it's a welcome sign that reflects the health of the economy. Wages and prices have been stagnant for years following the Great Recession, even as unemployment has fallen and millions of jobs have been created added.
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But for investors, faster inflation makes it more likely that the Federal Reserve will raise interest rates more quickly this year.