Well, I was hoping for a rally, and I sure got a rally! I got out of my SPY, META, and QQQ puts yesterday, and this is one of those instances in which I can actually pat myself on the back. As we approach the opening bell, the majority of yesterday’s CPI drop is already gone!
And crypto proved itself even more robust, barely even breaking a sweat at even the worst parts of yesterday, and it keeps blasting higher and higher.
What I’m going to be watching for is whether this bounce is simply a bull trap or, as has been the case for far too long, just another “buy the dip” opportunity. Here, for instance, is an important level I’m watching on the /NQ futures.
I’ll be keeping the chart below in mind, however. This illustrates neatly how an exciting drop can turn out to be a giant Nothing Burger with cheese. Today could be a very good day for new setups!
