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The Market Is Still Waiting
www.oneoption.com
Nvidia and other tech earnings had the potential to move the market, but they did not.
PRE-OPEN MARKET COMMENTS THURSDAY – The SPY and QQQ are going to open slightly higher this morning, but the market is still trapped in a range. We could see a little fund buying as the end of the month approaches. Don’t expect any fireworks ahead of a holiday.
This morning Initial Jobless claims came in at the same level from last week. The second look at GDP was a touch higher, but so was the PCE deflator so that is a “wash”.
The economic releases next week include the jobs report and that will be the next focal point.
From a technical standpoint, QQQ has closed below the 50-day MA.
I would keep swing trades to a minimum until the market decides which way it is going to go.
From a day trading perspective, we’ve had lots of rotation and good movement. Yesterday I saw many more attractive shorts relative to longs. This seems to change day-to-day. I expected a lower open today and I did not get it. That tells me that after the NVDA negative reaction, the bid is stronger than I expected. Stay flexible and be very selective. Everyone was waiting for the news last night and it did not move the needle. The volume could dry up the rest of the week. Trim your size and trade count. Sooner or later we will get a breakout one way or the other. Until then, we have to keep it light.
Support is at $555 and resistance is at the all-time high.
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