Hello Everyone,
Quick Note: Solid rally today with good breadth prior to the Monthly Payroll report tomorrow. For the short term, the SPX has moved up to the next zone (3890-3910). Thus, the SPX is at an inflection point here and likely to see a gap on the news tomorrow which could kick off a trend day up or down. To the upside the SPX has an open gap which would likely be tested prior to the CPI number on July 13th whereas a gap lower (that sustains) would likely target 3830 support. The QQQ has also moved up into a supply zone which will need to be reclaimed tomorrow for immediate upside.
Keep a close on the VIX which I will review below along with Big Tech (See TSLA triangle) for a good indication of short term direction. Keep some hedges handy if you see a negative reaction.
Please take a moment to look at the trade ideas.
