Hello Everyone,
One of the wildest sessions of the year today with large swings in both directions - with horrible breadth. PPI came in much hotter than expected (certainly not supporting any rate cuts) which led to a jump in 10 Year Yields and the US Dollar. Small caps were impacted the most with zombie companies more sensitive to changes in rates. Select mega caps and Energy managed to hold up but semiconductors were under pressure the entire session along with all other sectors. Quad witch showed up with a vengeance today with VIX also spiking above 15 before being slapped down over the last 30 minutes (lately pops above 15 have been sold). The market managed to hold key support but continue to adhere to your plan and remain quite prudent here in light of the recent action AFTER an extended move. Next week may tell the tale, with NVDA news and FOMC.
ES Resistance overhead around 5220-35 (will update other levels later in trading community)
Please take a moment to look at the trade ideas.
