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Coming In Hot!
Market Update for Thursday, September 14, 2023
We made it through CPI and PPI, and even though the headline numbers were a little above expectations, the stock market doesn’t seem too concerned.
Wednesday’s CPI only provided more choppiness. Today’s PPI rallied stock futures to a breakout level. As the trading session progressed, so did stocks. Now we see if they can hold the gains, and even add some, next week.
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We’re not out of the woods yet with economic data. Next week we hear from The Fed and there are predictions that they will not raise rates again. The question is, will the market like that news?
Conventional wisdom suggests, yes. But the further implication of that decision is that the economy is slowing. So we will see.
The European Central Bank hinted today that they may be done raising rates for now.
On to the charts.
SPY gapped higher and booked nice gains today. But as the chart shows, it is still confined to the consolidation range for now.
QQQ shows the same story. Progress. But more is needed.
IWM is one of the more hopeful charts of the day. A breakout here would be a boost to the whole market. But the pattern is a little messy. So the story is the same as above, more progress is needed.
DIA also made notable improvements today. Clearing the recent pivot high would be the next bullish development for the Dow 30.
TLT tried to rally, but the strength faded quickly.
DXY The Dollar was strong all day. Which is interesting when compared to the concurrent strength in stocks. We’ll have to see how this relationship develops.
The Closing Bell
So the story continues; progress, but still range bound and choppy. We’ll keep watching the boundaries and look for opportunities as the situation evolves. Perhaps Fed Day will be the catalyst.
Until then, join me Saturday morning for the regularly scheduled look at the Weekly Charts.
***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.
Statements in this article represent the opinions of that person only and do not necessarily reflect the opinions of T3TG or any other person associated with T3TG.
It is possible that Mr. Moss may hold an investment position (or may be contemplating holding an investment position) that is inconsistent with the information provided or the opinion being expressed. This may reflect the financial or other circumstances of the individual or it may reflect some other consideration. Readers of this article should take this into account when evaluating the information provided or the opinions being expressed.
All investments are subject to the risk of loss, which you should consider in making any investment decisions. Readers of this article should consult with their financial advisors, attorneys, accountants, or other qualified investors prior to making any investment decision.
September 14, 2023, 4:00 PM
Options symbols are denoted as follows:
Ticker, Date, Call/Put, Strike Price
Example: VXX1218C30 = VXX 12/18 Call with a $30 strike