So we had a better than expected PPI. Which is good news for...
So we had a better than expected PPI. Which is good news for inflation data, for now. There has been tons of news out there talking about 75 bp rate hike tomorrow instead of 50 bp hike.
This news has been the ''reason'' for the sell off. In actual fact, the graph is forming bullish divergences and on the monthly and weekly chart approaching oversold levels.
Powell has been talking for a month about 2x 50bp hike for the next 2 meeting. Even the most hawkish FED Bullard has mentioned 50 bp hike will be sufficient for now. I do not see the possibility of 75 hike tomorrow and I am still leaning bullish for now.
Fishing for a bottom at the support levels if they hold!
Do you know your supports and resistances? Watch the video to find out!
As always, trade safe & invest wise!
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bwjx : Thanks for the update. Are you starting long position for a potential rally now?
dwarrior : 11250 break or make?
W Chiang : Holding cash and wait...
Investing 101OP bwjx: already started small lot yesterday. still waiting for more confirmation signs to add heavier
dwarrior : Today market isn’t moving much. All waiting for fed
tkit770 : I can agree on that assessment !!
456632345 : I'm more pessimistic. The Biden government thinks the cpi data are too ugly.
Investing 101OP : sold all my long. preparing for a short on FOMC
good luck guys
thatsDway : The Fed has raised rates by three-quarters of a point, its biggest increase since 1994
Investing 101OP : technicals show bearishness. thus sold my longs. went short for now. could pullback first before going higher.
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