Morning Note 14.08.24
CPI Day
Yesterday we saw Risk On action, with QQQ popping through its 20EMA and NVDA leading the charge.
Support is 455 and next big resistance is 474. We also have a failed Bearflag into resistance (455), which could mark the bottom.
NVDA has been strong since thursday, which is definetly a good sign for the markets.
If it does not fill that gap from yesterday, I am viewing it as a sign of strength.
Overall we saw a lot of good price action from the Big Tech and Market Leader crew.
However I am still being cautios unless we get a bullish reaction from the market to the CPI data that will be out later today.
These are the tickers I am watching:
PLTR, MELI, NVDA, CAVA, NOW, PSN, CWAN, NET, VLTO, META