$QQQ TOP 20
Added 2024-09-08 17:18:10 +0000 UTC$QQQ chart was shared on Friday, so we know how heavily linked its movement is with $NVDA as they are both moving in sync now.
However, the 200 Day MA has moved very close to the 0.618 Fib here, making this an important confluence level and it goes without saying that the $QQQ needs to hold its 200 Day MA or we are into correction territory confirmed
And if we thought having NFP figures out of the way would bring some sort of calm to the market, we have CPI and PPI figures this week
The FED does not need any surprises this week, a Hot CPI would make Powells Job difficult and may cause him to question his actions on the 17th of Sept on the Rate decision.
A lower CPI than expected and the market may fear that CPI is dropping too fast and we are looking at deflationary concerns
The ideal scenario would be a CPI print in line with estimates.
Big week ahead for the market.
Economic Data released this week:
Monday, September 9th:
Wholesale Inventories (July)
3-Month Bill Auction
6-Month Bill Auction
Consumer Credit Change (July)
Tuesday, September 10th:
OPEC Monthly Market Report
Wednesday, September 11th:
Consumer Price Index (CPI) (August) - This is the most important release of the week, as it measures inflation at the consumer level. It's a key factor influencing the Federal Reserve's interest rate decisions.
Monthly Budget Statement - Provides information on the federal government's income and spending for the previous month.
Thursday, September 12th:
Producer Price Index (PPI) (August) - Measures inflation at the wholesale level.
Initial Jobless Claims - Provides the number of people filing for unemployment benefits for the first time.
30-Year Bond Auction
Friday, September 13th:
Import and Export Prices (August) - Measures changes in the prices of goods imported and exported by the US.
University of Michigan Consumer Sentiment (September, preliminary) - Gauges consumer confidence and expectations about the economy.
Key focus:
The major focus this week will be on the August CPI report on Wednesday. The market will closely watch this data to see if inflation continues to cool down, which could influence the Federal Reserve's decision on interest rates at its upcoming meeting.
