Daytrading Post-Powell
The path forward is going to continue to be choppy in these murky macroeconomics times, but it’s not a panic-filled sell-off that ended the week!
The path forward is going to continue to be choppy in these murky macroeconomics times, but it’s not a panic-filled sell-off that ended the week!
The market pulled back for a solid three weeks, then bounced this week. Today’s sharp drop should not be too surprising since the market needs to hammer a low out if it is to find its footing. It could go lower, but right now it’s in chop.
After being $30 higher NVDA slipped to close at scratch. This did no favors for the equity complex. In fact, pretty much everything was for sale from the opening bell. Let’s look through this and talk about what may be next.
Even with NVDA’s blowout earnings, markets had a huge reversal right where they should, at the 50 SMA.