The main event this week is Options Expiration (OPEX) happening on Friday at the close.
Into the events of this week’s liquidity, the S&P 500 (/ES) got back to structure and created a double top. The /ES then dropped to the top of the zone at $3,720 and popped back to the low of the year at $3,807.
On the S&P 500 (/ES), we’re focusing on two potential outcomes. The first option is it fails at $3,807 and drops to last month’s Point of Control (POC) at $3,774. The other option is /ES could break through $3,807 to the current POC at $3,828 and hit the daily 21 exponential moving average (EMA) at $3,853.
We are observing the structure on the Nasdaq (/NQ) to see if it breaks through it at $11,804. The next target is the daily 21 EMA at $11,860. If the /NQ breaks through, it could reach the Consumer Price Index (CPI) levels at $11,978.
In the video above, we’ll break down how the major events this week impacted the market, define key zones, and observe the structure of the /ES. We’ll also review our focused list setups on NVDA, SHOP, and AMD.
Stay Focused!