It was a hectic day for stocks as they swung between gains and losses. Overall, the Q)s finished the day basically flat, while the S&P 500 fell by about 90 bps. Todaythere are lots of changes that are likely to take place, especially with the release of the CPI data.
NASDAQ
The Qs gapped below the 50-day moving and despite, the ETF rally to fill the technical gap created from the morning drop. That moving average appears to have acted as a level of resistance all day. Whether that resistance continues is unclear to me.
Rates
It is really going to depend on what happens with interest rates today. All the signs point to rates, moving higher from here. Whether CPI hits or misses, may not matter, rates will do what they want, but clearly a hotter CPI would increase odd of rates moving higher. The first level of resistance I am looking for is at the prior high from April around 1.76%.
Nvidia
NVIDIA (NASDAQ:NVDA) finished the day flat yesterday, after testing key support at $550. That will remain the big level to watch for Nvidia. A break of support likely sends shares back to March lows.
Johnson & Johnson
Johnson & Johnson (NYSE:JNJ) has an interesting chart. There is what appears to be a potential double top pattern, or the potential for a big breakout. It is too close to call at this point, but bears watching.
Exxon Mobil
The chart for Exxon Mobil (NYSE:XOM) looks very similar to that of Johnson and Johnson, at least from the double top perspective. A lot of where Exxon goes will be dependent on oil prices.
