CPI + PPI + FED BUDGET | TECHNICAL ANALYSIS OF THE MARKET | 10-14 JULY 23 #shorts
0"Hello, traders!
I'm excited to be back on track with our trading shorts after a few weeks of being away. This week, we have some key events on the economic calendar. On Monday, we'll be keeping an eye on wholesale inventories, followed by the CPI on Wednesday, PPI on Thursday, and Fed speakers throughout the week. While the past few weeks have seen some volatility, taking a broader perspective reveals an overall rangebound market.
starting with NQ. Currently, NQ finds itself in a range between 15,473 and 14,892. There's a high likelihood of NQ retesting the 15,106 level, which could be followed by either a bullish move toward 15,400 or a bearish move toward 15,000.
Similarly, ES is experiencing a relatively narrow range, fluctuating between 4,492 and 4,379. Keep an eye on the retracement towards 4,400. Considering the market conditions and the bullish momentum, there's a strong possibility of a significant pullback before the start of the next earnings season. This pullback may gradually unfold over the course of a few weeks.
Turning our attention to the dollar, it appears to be showing signs of weakness, potentially pulling back to around 101 to retest previous support levels.
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