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CPI is Cool, but the Fed Meeting Minutes are a Wet Blanket
Midweek Market Update April 12, 2023
Just a quick look at today's action as an unscheduled travel day kept me mostly away from the markets.
CPI data came a little cooler than expected but comments out of the Federal Reserve sent the markets lower.
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Also of note, today we’re seeing continued selling into the close instead of the late-day rally we have become accustomed to over the last couple of weeks. That could be an early change of character.
SPY is trying to stay above the 8-day heading into the close. Not especially damaging action, but it does raise the antennae a bit.
QQQ is weaker and trading below the 8-day, the ATH AVWAP (purple line), and the pivot zone (blue shaded area). The 21-day MA around 311.40 is the next potential support.
Let’s see what tomorrow and the PPI data bring. And we’ll be back with a full note on Friday for the Weekend Market Review.
***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”) an SEC registered broker/dealer and member of FINRA/SIPC. All trades placed by Mr. Moss are done through T3TG.
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April 5, 2023, 4:00 PM
Long: AMZN0421C102, SCHW0412C55, SQ0414P65, QQQ0505P310
Options symbols are denoted as follows:
Ticker, Date, Call/Put, Strike Price
Example: VXX1218C30 = VXX 12/18 Call with a $30 strike