The pullback has begun.
Yesterday, a federal Reserve Chairman Jerome Powell said that the Fed "is not confident it has done enough to achieve its stance of 2% inflation", sending a warning traders betting on rate cuts in 2024.
Furthermore, yesterday's Treasury auction of 30 year bonds went poorly, indicating that investors are reluctant to own long-dated government securities. Investors were awarded 4.769% yield 30 year Treasuries, 0.0051 percentage points higher than the yield in pre-auction trading. This led to a sell off in US Treasuries, with yields moving higher. Conversely, the $SPDR S&P 500 ETF Trust(SPY)$
Bearish price action was exhibited during yesterday's trading session through a bearish engulfing daily candlestick and an increase in bear volume. Additionally, momentum is trending downtrend and can continue to fall from overbought territories. Bears are attempting to push the QQQ below its downward trend line with a possible retracement to 358 reiterated as the short-term price target of the QQQ.
Investors with a longer time horizon however, might view this as a favourable opportunity to accumulate shares in high qualities companies or indexes/ETFs.
@TigerEvents @CaptainTiger @TigerStars @Daily_Discussion
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But the rebound is so nice today