What’s In The Box?
$SPX and markets remain in a wide and volatile trading range. Let’s review the key levels and the adjustments necessary to trade the box.
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Daytrading Post-Powell
The path forward is going to continue to be choppy in these murky macroeconomics times, but it’s not a panic-filled sell-off that ended the week!
S&P 500 Moving From Voodoo Line To Voodoo Line
Today’s low in the S&P came from just above a Voodoo snowline. Meanwhile, today’s highs made at a Voodoo skyline. This continues a weeks-long pattern of using these important levels to establish swing points in the choppy move down from the July high.
Give The Market Time To Digest
The market pulled back for a solid three weeks, then bounced this week. Today’s sharp drop should not be too surprising since the market needs to hammer a low out if it is to find its footing. It could go lower, but right now it’s in chop.
NVDA Slips
After being $30 higher NVDA slipped to close at scratch. This did no favors for the equity complex. In fact, pretty much everything was for sale from the opening bell. Let’s look through this and talk about what may be next.
Markets Can’t Be Saved By NVDA
Even with NVDA’s blowout earnings, markets had a huge reversal right where they should, at the 50 SMA.
So Far, So Good
In this video, we review today’s market action and talk about the current levels in the indices. We are once again at a point where we could fail from, or we could keep bouncing from. We are waiting on NVDA earnings as well as the upcoming speech from Powell on Friday. The next major news will be in SEP with CPI, PPI and the next FED meeting.
Post NVDA Plan
NVDA reporting after the bell today. Expected move is about $43 and the stock is trading afterhours ahead by about $35. With that the Nasdaq enjoyed the spoils today ahead by 2.35% or 350 points. Tonight I’ll share with you my plan for tomorrow’s levels and trade plan after the NVDA news settles in.
Bear Flags Keep Working
With many indexes under their 50 SMA’s, bearish patterns are much more likely to work. Many bear flags today worked great.
Looking For Buys With Powell
Obviously, this is not August 2022, but it seems that many traders are fearing the kind of reaction seen after Jackson Hole last year. Here’s why I am bullish going into Jackson Hole with the data and trends to support it, including why falling yields are not the catalyst for falling indices.