* U.S. equity index futures mixed, little changed
* U.S. Sept CPI MM, YY > estimates; core readings in-line
* Euro STOXX 600 index up ~0.5%
* Gold up; dollar, crude, bitcoin dip
* U.S. 10-Year Treasury yield ~1.57%
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NASDAQ 100 TRIPLE-Qs: GOING WITH THE FLOW (0907 EDT/1307 GMT)
The Invesco QQQ Trust Series 1 QQQ.O , which tracks the Nasdaq 100 index .NDX , is down around 6% from its early September high. In so doing, it has also violated a monthly support line from its March 2020 low.
Meanwhile, one indicator that incorporates both price and volume, the Money Flow index (MFI), continues to track within converging trendlines:
On a monthly basis, and since early 2018, the MFI has been trapped between a resistance line from its 2014 high and a support line from its 2009 low.
After once again topping shy of the resistance line this past August, the MFI appears on track for another test of the support line. Another test of that support line could suggest risk for greater QQQ weakness.
However, if the support line can continue to work its magic, and the MFI can bottom, a significant QQQ low may once again be found.
Conversely, an MFI support line break will end what has been a consistent pattern, and instead suggest potential that QQQ weakness may become a waterfall slide.
(Terence Gabriel)
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