Heading into the short week we have a few catalysts.
The Federal Open Market Committee (FOMC) event is happening on Wednesday at 2:00 pm Eastern, followed by a Nonfarm Payroll Job report on Friday.
Be mindful of the FED with the market being under the current structure.
/ES ended last week at around $3825, If we migrate towards $3855 and struggle we could reset and head back down to June’s Point of Control (POC) at $3774. Overall bearish so be patient being bullish, if the market does rally look for it to reach its previous structure around $3900 to $3930.
On Friday /NQ ended the week on $11605 (POC) look for it to potentially retest liquidity at $11804 or if we dont pop we could fail and roll over to the low of the year at $11068.
Here is our focused list:
/NVDA — Broke below our low of the year $152.2 and is under structure, with it trending down look out for a reset at $152 we want to get ready to short to the gap fill of $142 to 140, if we break the gap look out for our major target of $134.
/AMD — Under major levels and heading towards low of year $72.5, looking for potential pop playing it long towards $79 and potentially reload some shorts to head back down towards $72.5, if it breaks $72.5 look for $67.
I’ll be live in the Simpler Day Trading room from Monday to Friday this week to cover the market. Tune in to trade these setups with me live and look for more potential opportunities in the market.
Stay Focused!