Dow Jones Shatters 37k Mark! QQQ is next π€―
You better not cry, you better not pout π
Caught some calls action with NVDA & META within 15 mins at open. Price action in limbo before Fed announcement so decided to call it a day. More action awaits with jobless claims data on Thursday at 8:30 am. The seasonal question to buy the dip or FOMO buy continues! π
The Fedβs new economic projections reveal that policymakers suggested a median preference for rates at 4.6% by the end of 2024, signaling a tilt toward a 75-basis-point cut from current levels. The Fedβs forecasts anticipate rates will further decrease to 3.6% in 2025 and to 2.9% in 2026.
The market has reacted positively to these indications, increasing bets on rate cuts and now predicting a commencement in March 2024 with a total of six reductions throughout the next year, as per CME Groupβs FedWatch Tool.
Santa came early to DJI
The Dow is the first among the major U.S. stock indices to breach the all-time high barrier previously reached in late 2021 or early 2022.
The tech-heavy Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:QQQ), is now just 1.1% away from its all-time high reached in November 2021, while the S&P 500 index, closely replicated by the SPDR S&P 500 ETF Trust (NYSE:SPY), is 2.3% short of its peak hit in early January 2022.
FOMO or dip buy? π
β οΈ Trading tips: QQQ should be next in line to break record high latest by early next week. FOMO buy above 406.6 or dip buy between 403.5 to 405 on Thursday. Be prepared for some profit taking at open.
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Donβt hold back they want you to buy ha