Market Report for Jul 14 2022
On Wednesday volume levels were not excessive with the 2Yr and 10Yr still inverted and the CPI data adding to the rate hike concerns. CPI increased 1.3% MoM.
The Nasdaq Composite performed quite well compared to the S&P 500 and Dow Jones Industrial Average as some of the mega caps held up and provided some stability for this market.
The percent of up bars for S&P were 54% while for the Nasdaq it was 56%. As mentioned before, if this market moves up, it is looking like Nasdaq will be the leader to do that. As of the close, Nasdaq is sitting at its support and the S&P is slightly below it.
Other than the positions from recent weeks, we are still standing aside and watching the market choppiness.
Let’s go trade!