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US brushes aside strong employment data and inflation concerns!!
The bounced back hard from the US open after employment data and wages growth point to stubbornly high inflation and continued interest rate rises. The reaction back up may be a little overdone as many were chasing their tales from the open and light volume was more suited to intraday traders. We may see a delayed reaction in coming sessions as both the DOW and Nasdaq have extended into major Daily levels while the USD and US 10-year Notes are also at key levels.
The idea is that I am looking for a bigger swing in key markets which could lead to a correction and reversal of the recent trends in the near term.
Below the key charts and levels I am watching for the week to see how investors react.
Happy Trading,
Braden
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