US broader US stock indices have been trending higher in 2024, but that trend higher has seen some "stall" of late.
Today, the higher-than-expected CPI data, gapped the broader S&P and NASDAQ indices lower, and in the process took their prices below the 200-hour moving averages. That's an important shift in the short-term bias, that if it persisted, would give the sellers some added confidence from a technical perspective.
Having said that, there is work to do to the downside to give the sellers even more confidence this isn't just another buy the dip move (at least in the short-term).
More specifically, getting below the April lows is the next major step. If that can be done, traders might start to look toward a more substantial correction with the 38.2% retracements in each of those indices.
In this video, I explain the shift, the risk, the targets for both the S&P and the Nasdaq indices.
