Hello Everyone,
After getting quite stretched on the daily charts last Thursday, the SPX/QQQ reverted back to test their respective 9 day EMAs the past couple of days and this was very apparent in the Precious Metals which provided very nice reversion trades with the US Dollar bouncing providing a catalyst. Today's session started out fairly benign trading in a narrow range ahead of Chairman Powell's interview and that's when the fireworks began with the SPX/QQQ initially ramping up to highlighted resistance where sellers stepped in leading to a sharp drop slightly undercutting the recent lows but still managing to HOLD KEY SUPPORT which then reinvigorated the bulls which ramped prices back up to new intraday highs near the close. Wild session indeed with no changes in trend - the bulls still have control. I will review my mapping below which was looking for another test higher after this recent pullback. Seasonal weakness normally appears in late Feb into March which coincides with the CPI report (which will involve a new methodology for the the upcoming print).
Please take a moment to look at the trade ideas.
