We have an important catalyst ahead of us with Federal Chairman Jerome Powell speaking at the Jackson Hole event on Friday at 10 a.m. Eastern.
The S&P 500 (/ES) broke its structure below, hit its Point of Control (POC) level at $4,136, chopped, and turned around.
We want to pay attention to the downside structure around $4,200 that /ES bounced toward. If /ES fails at $4,212 we want to look for a potential rollback to the daily 21 Exponential moving average at $4,156.
If it can’t hold $4,156 my next target is POC below $4,136. If /ES breaks through $4,212, my first target is $4,237. The next target is at $4,273.
The Nasdaq (/NQ) could potentially lead the way on Friday. /NQ ended the Thursday session at top of the zone at $13,150. If it can break $13,150, my first target is POC at $13,271. My second target is at $13,356.
If /NQ breaks down below its daily 21 EMA at $13,066, see if it can hold its downside structure at $13,025. If it doesn’t, it could go lower toward its low of the week at $12,915.
NVDA is still my top setup after they reported a miss in earnings earlier this week. NVDA is sitting at $178, its daily 21 EMA. NVDA could potentially break down toward my first target at $174 and my second target at $170, the 50-day simple moving average (SMA).
GOOGL is next on my focused list, also sitting at its daily 21 EMA at $116. Let’s see if it can rip through $116 and head toward my next target at $119 (POC).
I’ll be live in the Simpler Day Trading room next week. Tune in to trade even more of my setups and look for more potential opportunities in the market.
Stay Focused!