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A fool and his money are soon parted.” – Thomas Tusser

After a disappointing reversal yesterday, Technology and the Nasdaq are under moderate pressure this morning as shares of Airbnb (ABNB) are set to start trading today.  In economic news, initial jobless claims came in higher than expected (853k vs 725K estimate) while continuing claims also topped forecasts coming in at 5.75 million versus forecasts for a level of 5.21 million.  In inflation news, CPI topped forecasts as both headline and core CPI came in at 0.2% versus forecasts for an increase of 0.1% in both indices.  All in, not a good slate of economic data.

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As mentioned above, investors/traders with a focus on the Technology sector and Nasdaq woke up today still feeling a bit apprehensive about current prices.  As illustrated in the intraday chart for the Nasdaq, that index broke its short-term uptrend that had been in place since the days prior to Thanksgiving.  If the selling for the Nasdaq continues in the days ahead, look for support to come into play right around the 12,000 level (~3% below current levels).

While the Nasdaq broke a short-term uptrend, small caps continued to hold their trend.  In the case of the Russell 2000, that index actually saw a modest bounce late in the day Wednesday as it traded down to its December uptrend line.  If that uptrend breaks, look for support to come in around 1,850 (again around 3% below current levels).

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