Hey Focused family! I’m traveling back from Taylor’s wedding and unable to make a video, so I am providing my market prep below.
On Friday, the S&P 500 (/ES) almost hit the low of the year at $3,639 and ended the week with a strong cover pop. Be mindful of potential rebalancing as we enter the final week of the third quarter.
This week, Federal Reserve Chairman Jerome Powell is speaking on Tuesday at 7:30a.m. Eastern and Wednesday at 10:15a.m. Eastern. Powell is followed by jobless claims on Thursday and the PCE Price index on Friday, both at 8:30a.m. Eastern.
Pay attention to the short-term downside structure near the gap fill on /ES from $3,735 to $3,763.
If /ES can hold $3,639 my first target is to fill the gap from $3,735 to $3,763. If /ES breaks through $3,763 my second target is a reset to point of control (POC) at $3,875.
See if /ES fails at $3,763, as my next target will be the low of year at $3,639. If /ES continues lower my next target is $3,596.
Join me live in the Simpler Day Trading room and try a one-week trial. Tune in to trade even more of my setups, as well as look for more potential opportunities in the market.
Stay Focused!