Major economic reports are taking place on Wednesday.
The first report is Initial Jobless Claims at 8:30 a.m. Eastern, followed by the Purchasing Managers Index (PMI) at 9:45 a.m. Eastern. The University of Michigan (UMICH) Consumer Sentiment Index is reported at 10 a.m. Eastern. This is a good gauge for inflation as it identifies the relative level of current and future economic conditions. To end the eventful day on Wednesday, the Federal Reserve (FOMC) minutes will be released at 2:00 p.m. Eastern.
After getting through option expiration (OPEX) last week, the S&P 500 (/ES) chopped around Point of Control (POC) levels at $3,993 and $3,976. Keep these levels in mind this week as /ES gets closer to structure.
Check out the video above to get the breakdown of my critical level on /ES and my favorite setups this week in GOOGL and NVDA.
Tune in to trade SPX, and other potential opportunities in the market with me live in the Simpler Day Trading room.
Due to Thursday’s holiday, we won’t be sending a newsletter. Hope you have a Happy Thanksgiving, Focused family!
Stay Focused!