The stock market looked a lot weaker at the open as the main indices fell under the weight of mega cap losses. Even at session lows, though, the broader market showed nice resilience in front of several market-moving events later in the week. Namely, the March Consumer Price Index will be released Wednesday followed by the Producer Price Index Thursday, capped off Friday with Q1 earnings results from several large banks. The Dow Jones Industrial Average had a stronger showing than its peers, declining just 0.4% at its low for the day, while the tech-heavy Nasdaq saw a loss of 1.3% at its session low before settling the day close to flat. Notably, the intraday low for the S&P 500 coincided with last Wednesday's worst level (4,072).
Yesterday's trade was tricky, at the pre-market session, all three indices drop so hard and QQQ even drop below 316ish level, therefore, I bought some Qs at the market open and use previous day low as my stop loss, and around 9:45 I added more. Which turns out a good trade. Actually, I am still confused about why the market dropped so hard before the market open. In my opinion, I think the market will be more like goes side-way around the range instead of go like this. The inflation and FOMC mins is on Wednesday, and I think the market will open kinda slow. But...
Anyway, yesterday close give an inside day on daily chart, I don't think today will break up inside day high or lows, it will more likely to make a shooter on daily chart, and waiting for Wednesday's "confirmation" to come out.
