Stocks Rally On CPI Data Release; Earnings; What Industries To Watch

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Yesterday the market rallied big after the CPI numbers came in lower than expected but, after the initial rally, it was just a bunch of back and forth chop.

PPI data will be out at 8:30 AM EST this morning. This number could and should impact the price action for this day.

The big development in today’s action was the S&P 500 ( SPY 0.00%↑ ) finally confirmed the move on the QQQ 0.00%↑ .

What I mean by ‘confirmed the move’ is that it finally broke out above prior resistance which is a longer-term ‘higher high’.

Is This A Bear Market Rally?

I believe this is NOT a bear market rally and this rally is legit. The reason for this is, that this rally since Mid-June has had multiple retracements and those retracements were met with a higher low and a higher high.

We have seen 0 signs of weakness.

The market is nearly impossible to time, so why try and time the top or time the bottom? Ride the trend!

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The next area of resistance for the QQQ 0.00%↑ will be: