ALL EYES ON CPI AND PPI| |TECHNICAL ANALYSIS OF THE MARKET | 13 - 17 MAR 23 #shorts #stockstowatch
5Hello traders,
Last week saw some turbulence with the near collapse of the SVB financial group, but as we head into this week, the market is still feeling uncertain. All eyes are on the upcoming CPI and PPI data, which are expected to impact the market until the next FOMC meeting. Both NQ and ES are currently range-bound, with NQ retesting its 200-period moving average and potentially seeing support at 11872, or even as low as 11553. Meanwhile, ES has fallen below its 200-period moving average and has already tested support at 3897. Compared to NQ, it looks more bearish and may drop to 3820. The dollar has completed its left shoulder and head formation and is likely to complete its right shoulder by retesting the 103.45 level. This week may be a bit more volatile, so trade cautiously.
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