Trading the Charts for Tuesday, July 11th
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Good morning and Happy Tuesday,
Remember, tomorrow morning at 8:30am EST we get CPI with PPI on Thursday.
With regards to headline CPI, I’m seeing estimates of 3.2% YoY to 3.4% YoY and 0.2% MoM to 0.3% MoM.
With regards to core CPI, I’m seeing estimates of 4.8% YoY to 5.1% YoY and 0.1% MoM to 0.3% MoM.
Markets coming off a very good day especially for small/mid caps and growth stocks ie ARKK…
Equity futures looking good…
Yields down slightly, if CPI comes in cooler tomorrow we should see yields drop quickly but the opposite could happen if CPI comes in hot…
SPY bouncing off the 20d sma
RSP bouncing off the 10d sma
QQQ bouncing just above the 20d ema
QQQE bouncing off the 15d ema
IWM bouncing off the 21d ema
IWO bouncing off the 23d ema
ARKK bouncing just above the 20d ema and closing at a new 2023 high.
IPO bounced off the 14d ema
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