NQM2023 Chart for 5/9-5/10 S/D Levels
CPI REPORT RELEASES AT 5:30AM PST.
My original trade idea from Monday still stands. With CPI and PPI releasing tomorrow and Thursday, we have momentum to reach these targets (Bear target 13152 and bulls target 13458 by EOW.)
In the meantime, we have a forecasted expectation of 5% CPI but the way they have generated the report is different than before. It is skewed to keep it 5% MoM and let us see if we are higher or lower than 5% when 530am comes in.
Based on the sideways action from today, I want to reach and possibly break 13369-13384 or we fail to 13191. I have larger range targets because of the news, but if we are looking for shorter targets, I am seeing 13324 or 13227. 13324 is the tip of a strong supply zone, which can be rejected. And 13227 is breaking through this strong 1 hr demand zone that we bounced out of a few times today (this can indicate this zone is starting to get weak, and especially on a news day... whew).
Good luck to yall trading CPI!
Here is the link to my live chart as well: tradingview.com/chart/5XGqlTVf/?symbol=CME_MINI:NQM2023
My original trade idea from Monday still stands. With CPI and PPI releasing tomorrow and Thursday, we have momentum to reach these targets (Bear target 13152 and bulls target 13458 by EOW.)
In the meantime, we have a forecasted expectation of 5% CPI but the way they have generated the report is different than before. It is skewed to keep it 5% MoM and let us see if we are higher or lower than 5% when 530am comes in.
Based on the sideways action from today, I want to reach and possibly break 13369-13384 or we fail to 13191. I have larger range targets because of the news, but if we are looking for shorter targets, I am seeing 13324 or 13227. 13324 is the tip of a strong supply zone, which can be rejected. And 13227 is breaking through this strong 1 hr demand zone that we bounced out of a few times today (this can indicate this zone is starting to get weak, and especially on a news day... whew).
Good luck to yall trading CPI!
Here is the link to my live chart as well: tradingview.com/chart/5XGqlTVf/?symbol=CME_MINI:NQM2023
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