The major indices are flat before the open as investors await the next market catalyst and digest the recent rally.
We are seeing some movement in individual stocks, with meme stock GameStop’s shares plummeting about 21% following CEO Matthew Furlong’s firing.
Meanwhile, several key sectors appear overbought, meaning a pullback should be just around the corner.
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- 📉 Expect a decline in the equal-weighted NASDAQ 100 (QQQE) due to the AI frenzy, with individual stocks like Apple, Amazon, Meta, Nvidia and Google likely to be affected.
- 📉 The Dow may be topping out, along with sectors that have already broken out. Keep an eye on the energy sector, which looks bullish but is likely to cool off.
- 📈 The bond market is currently down due to Canada raising rates, but it may rally in the short term.
- 📈 Industrial sector looks good and is breaking out, but momentum levels suggest it may cool off soon.
- 📈 Expect Consumer and Producer inflation data to come out soon, while the Nikkei and China remain optimistic about the economy.
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