CPI is Cool, but the Fed Meeting Minutes are a Wet Blanket
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.
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.
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POSITION DISCLOSURE
April 5, 2023, 4:00 PM
Long: AMZN0421C102, SCHW0412C55, SQ0414P65, QQQ0505P310
Short: QQQ0505P290
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Ticker, Date, Call/Put, Strike Price
Example: VXX1218C30 = VXX 12/18 Call with a $30 strike