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!
![](https://slopeofhope.com/wp-content/uploads/2024/02/ESUP-640x393.png)
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.
![](https://slopeofhope.com/wp-content/uploads/2024/02/BTCCCCCCC-640x435.png)
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.
![](https://slopeofhope.com/wp-content/uploads/2024/02/NQNQNE-640x471.png)
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!
![](https://slopeofhope.com/wp-content/uploads/2024/02/TEMPOE-640x347.png)