TRADE PLAN for Wednesday π
TRADE PLAN for Wednesday π
Both $S&P 500(.SPX)$ and $Invesco QQQ(QQQ)$ tried to break lower today after CPI but the dip was bought up the second half of the day. If SPX stays above 7400 and $Invesco QQQ(QQQ)$ bases above 661 into the end of the week, The bottom may be in... It's still too early to tell but the price action has looked better since last Thursday. We've seen higher lows on the daily chart for both SPX and QQQ.
There's 3 things we need to see next.
1.
$NVIDIA(NVDA)$ bottom out above 160.
2. Memory stocks lead a bounce- $SanDisk Corp.(SNDK)$ back above 1000, $Micron Technology(MU)$ above 850
3.
$VanEck Semiconductor ETF(SMH)$ back to 525
We basically need the chip and memory stocks to lead a bounce otherwise we'll continue to see more chop. Let's see if the Iran war ends in the next 2-3 weeks to send the market back to all time highs.
Good luck tmrw everyone! π«‘
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