This stacked week of catalysts isn’t over yet. There were multiple reports released this week including the Consumer Price Index (CPI) report on Tuesday, the Producer Price Index (PPI) report on Wednesday, and Initial Jobless claims on Thursday.
Heading into Friday, we are still dealing with market events from earlier this week. SPX Roll, SPX rebalancing, and Triple Witching end on Friday.
The S&P 500 (/ES) hit the top of the zone at $4,167 on Tuesday. After the CPI report, /ES had a major drop to $3,930. With /ES at a major structure and market events to end the week, we want to be cautious on Friday.
If /ES stays under $3,930, my first target is $3,900. My second target is $3,878. Although I’m not currently bullish, we want to stay open-minded. If /ES gets above $3,930 and breaks structure, my next target will be $3,955.
My main focus this week is trading SPX. Watch the video above to see which key levels and structure I’m noting /ES.
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Stay Focused!