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Watching Tech CFD reaction to Services PMI
That Services PMI number came in hotter than expected, which isn't exactly a green light for rate cuts any time soon. Saw $COMP drop to 11.405 earlier, and $BOTZ hit 35.715 before finding a bit of a bounce. My CFD watchlist for tech is staying conservative. I'm looking for a clearer signal that inflation is truly cooling, or a more definitive shift in central bank rhetoric, before scaling into any long positions. Right now, it feels like the market is still very much reacting to every data point, and the downside risk from continued hawkishness is still too significant to ignore for anything beyond short-term tactical trades.
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Good call on the conservative stance. That PMI data definitely puts a damper on early rate cut hopes, making it tough for growth stocks. Wondering if this recent dip has enough steam to break key support levels for $COMP.