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NASDAQ and S&P Turn Red Despite Strong July CPI Numbers

Written By: ChartChamp

August 14, 2024

July CPI comes in better than expected, and is below 3% for the first time since March 2021. The markets are preparing for rate cuts in September.

Yesterday I warned that there could be a selloff after the July CPI announcement. We saw a similar trend last month where the markets rallied ahead of the inflation data announcement, and then sold off after the announcement was made. QQQ is above the red resistance target around $460, and is leading the way for this correction. SPY is lagging behind here, and did not reach the red resistance line during this rally.

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