There is one highly-anticipated report leading us into the end of the week, Non-Farm payroll on Friday at 8:20 a.m. Eastern. Also, keep in mind the Federal Open Market Committee (FOMC) minutes will be released next Wednesday, October 12th.
Monday’s newsletter unfolded perfectly with the S&P 500 (/ES) recovering the low of the year at $3,571 and pushing toward the gap fill from $3,735 to $3,763. /ES rallied through point of control (POC) at $3,792, hit the 21 exponential moving average (EMA) at $3,818, and is consolidating into the end of the week.
The /ES Point of control (POC) moved from $3,669 to $3,792 in the new month of October. This level is important as that is where the most liquidity is and the most buyers and sellers are.
If /ES can’t hold $3,751 my first target is the structure around $3,720. My second target is last month’s point of control (POC) at $3,669. If /ES continues to hold $3,763 see if it can get through the 21 exponential moving average (EMA) at $3,818 and hit my main upside target at $3,875.
My main focus to end the week continues to be SPX. Watch the video above to see which key levels and structure I’m noting on /ES.
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Stay Focused!