August 8, 2022 How'd we start?
August 8, 2022 How'd we start?
Futures were quiet last night and perked up a bit this morning which led to a positive move off the open. Indexes and many individual names were advancing nicely until news of $NVDA guiding lower supposedly dampened the mood. As always, rather than being overly concerned with "why," let's take a look at the price action.
$SPY - came within striking distance of $420 figure before reversing
$QQQ - Stayed in the sideways range of the last few days and is still above the 8-day EMA
$IWM - back into the January-April range and put in a potential shooting star reversal candle. Not a great look for the daily chart. But confirmation is still needed.
Summary: we couldn't seal the deal on a move higher.
Is it apprehension of inflation news?
We do have the CPI report coming Wednesday. It will very likely have an impact.
Will this be the pause that refreshes after a strong move from the June lows?
It could be that too.
Whatever the case, I will be staying nimble, keeping a close eye on the support/resistance levels noted, and following price.
***This is NOT financial advice. NOT a recommendation to buy, sell, or trade any security. The content presented here is intended for educational purposes only.
Andrew Moss is an associated member of T3 Trading Group, LLC (“T3TG”) a SEC registered broker/dealer and member of FINRA/SIPC. All trades placed by Mr. Moss are done through T3TG.
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