So the PPI index came out hotter than expected so the market did what the forecasting said it would and I was wrong. So investors crapped their pants again on renewed fears and we sold off. But it was a rocky intraday. We sold off in the morning but then went on a recovery path. But then the FED officials started talking in the afternoon and the market tanked again.
The daily Ichimoku chart continues to look weak, but we still hold the support at $4,000:
The weekly Ichimoku looks worse. We need a more convincing move to the upside. This is a pathetic move.
Today, we shrugged the inflation data and recovered losses. It indicated that investors were reluctant to sell, only weak hands were selling. Although this changed after a variety of FED officials started talking about “higher and longer”, we still have some strength in this bull market. Now it depends on who will win tomorrow. I bet on bulls and after some initial weakness we may see an up day.
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