NPP Trades Daily Recap 6.6.22
The Quick Recap:
It was yet another consolidation day in the overall market. The SPY continues to trade in a tight 407/417 range above the 21ema. It’s still a bullish development as long as we hold that 407/405 level. A break above 417.50, and we should see the light blue downtrend line/green 50sma line (as seen on the below chart) in the low 420’s. A break below 405 threatens a continued rally and could give bears the ball again for a resumption of a downtrend.
CPI number is Friday morning before the market opens. This market is likely in a holding pattern until that number is released. A hot inflation number will definitely be a damper on any further upside. While a cooler number could be the catalyst we need to get out of this range and head to our higher target.
The More Detailed Recap:
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