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Nvidia Position Building Ahead Of Earnings, CPI Dampens Super Bullish Stock Market Hopium

Benzinga ·  Aug 14 10:21

To gain an edge, this is what you need to know today.

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Hopium Dashed

Note the following:

Please click here for an enlarged chart ofInvesco QQQ Trust Series 1(NASDAQ:QQQ).

  • The chart shows that QQQ has traced an island reversal. This is a bullish technical pattern.
  • The chart shows the resistance zone is nearby.
  • RSI on the chart shows the bounce from the oversold condition continues to strengthen.
  • The chart shows the power of the bounce from the oversold condition overcame the negative in the Producer Price Index (PPI) report. Please see yesterday's Morning Capsule for details.
  • Consumer...
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