Short Covering? 04.14.2023 Trading Levels
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Yesterday’s CPI print with FOMC minutes triggered a sell off into the market. Coming into today, the jobless claims news triggered a rally. Despite us selling off yesterday, bulls were able to regain back control as dips has been bought.
As this plays out, people who are short managed to get squeezed out fueling the market higher like today.
Is this a short covering or a resumption of short term uptrend? In my opinion tomorrow’s report will provide additional clues.
See 30 minute chart below.
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