The QQQ’s failed at the $318 area resistance again this morning. Despite the CPI figure coming in at 5% for the year through March vs. 5.2% expected. CPI for the month was 0.1% vs the 0.4% which was also better than expected. However, despite inflation coming in lower than expected, that was not enough for a positive reaction so far off the open and the QQQ’s are trading lower.
The QQQ’s are trading near $313 which has been prior support.
Above it, targets to the upside are $315, $318, $320, $321.63, $323 and $330 above that.
Below $313, targets to the downside are at $312 and $309.
Below $309, there is a gap to fill at $307.12 with potential support at $306 with $304 and $302 below that. Then there is the psychologically important $300 level in the QQQ’s.
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