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Market momentum is shifting, with the Nasdaq probing key trendlines and SMCI pushing to fill gaps in its upward trajectory.

Meanwhile, gold futures defy expectations with a concurrent rally alongside indices, but a volatile breakdown looms.

Let’s dive into the charts! 

* QQQ *

NASDAQ

The Nasdaq has continued its recovery from last week, trading in a narrowing rising wedge and aggressively testing the upper trendline repeatedly.

If it breaks the wedge in the morning it may fill the gap above, otherwise it’s ready to break to the downside.

* SMCI*

Super Micro Computer, Inc.

SMCI is trading in an ascending broadening wedge pattern, nearly filling the gap from Wednesday.

If the 562.8 level holds, expect it to finish filling the gap and reach for supply above. Otherwise, expect a trip to the trend line level 537.71 below.

* GC*

Gold Futures

Gold futures have enjoyed an unusual concurrent rally with the indices, looking ready to finally break down out of a wedge with great volatility and momentum.

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* MARKET INSIGHTS *

Economic Vibe

Movers & Shakers

• Starbucks Corp (SBUX) +24.497%

• Nvidia Corp (NVDA) +6.531%

• Chipotle Mexican Grill Inc (CMG) =7.5%

* HEADLINES *

Top Reads

• Stock market today: Tech stocks lead rally after inflation data sets table for CPI (Yahoo Finance)

• Texas sues General Motors over car data tracking (Politico)

• Japan's Nikkei Soars As Asia Markets Gain, Europe Opens Mixed; Gold Hits All-Time High Of $2,500 (Benzinga)

• Nvidia Stock Surges as Goldman Strategist Calls It 'Most Important Stock' of 2024 (Yahoo Finance)

• DJT Stock Falls After Trump, Musk Talk on X. What It Means for Truth Social (Barrons)

• Chipotle stock falls more than 7% after CEO departs for Starbucks (Yahoo Finance)

• Dow Jones Futures: What To Do After Bullish Market Move; CPI Inflation Due (Investors)

• Intel, Pinched by Losses, Sells Stake in Chip Designer Arm (Yahoo Finance)

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* WISDOM BYTES *

Good, better, best. Never let it rest

'Til your good is better and your better is best.

In the journey of self-improvement and success, the quest for excellence is a continuous and evolving process.

It starts with being good—acknowledging where you are and recognizing your achievements. But don’t let that be your stopping point.

Strive for better. Push beyond the boundaries of what you’ve already accomplished.

Better is about growth, learning, and refining your skills. It’s about setting higher goals and challenging yourself to surpass them.

The road to better is paved with hard work, perseverance, and a relentless pursuit of improvement.

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It’s about striving for perfection, not as a final destination, but as an ongoing aspiration.

The pursuit of the best is where you set new standards for yourself and consistently raise the bar.

The journey is never over

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