TECH - ChatGPT On Apple iPhone Make Or Break Data For Stock Market Ahead | Benzinga
To gain an edge, this is what you need to know today.
Make Or Break Data Ahead
Please click here for an enlarged chart of Invesco QQQ Trust Series 1 (NASDAQ: QQQ).
Note the following:
- The chart shows QQQ is in the resistance zone.
- The chart shows that the rally is on low volume, indicating a lack of conviction.
- The chart shows that RSI has jumped and is now overbought. RSI indicates that the stock market is now vulnerable to the downside if the macro data goes against the market.
- The chart shows Arora calls to raise hedges near the top and the Arora call to reduce hedges near the bottom. When hedges are used over a long period of time, they can add significant amounts to your returns and significantly lower your risks. If you do not hedge, you can simply adjust cash. Please see the "Protection Band And What To Do Now” section below.
- Consumer Price Index (CPI) and Producer Price Index (PPI) are ahead –these pieces of data are make or break for the stock market. Here is the consensus:
- 0.3% for headline PPI
- 0.2% for core PPI
- 0.4% for headline CPI
- 0.3% for core CPI
- Wall Street is positioned for inflation data to cool and the stock market to break out of the resistance zone shown on the chart.
- Prudent investors need to be aware that if the data goes against Wall Street’s positioning, the stock market reaction to the downside can be severe due to positive positioning.
- Apple Inc (NASDAQ: AAPL) is reportedly in talks with OpenAI to put ChatGPT on iPhones. This is creating positive sentiment in the market. On the surface, this is negative for Alphabet Inc Class C (NASDAQ: GOOG) and Alphabet Inc Class A (NASDAQ: GOOGL).
- As a proof positive of the speculative ...