After Election Day on Tuesday, we still have additional economic reports releasing this week. At 8:30 a.m. Eastern on Thursday, both the Consumer Price Index (CPI) and Jobless Claims will be reported. Let’s see how the market digests all this information into the end of the week.
Last week the S&P 500 (/ES) hit my major structure trendline around $3,900. After the FOMC event and Powell’s speech, /ES broke $3,900 and got below the daily 21 exponential moving average (EMA) near $3,784.
As the market found its feet this week, my main target was getting back to liquidity at $3,866, the point of control (POC). Once /ES got to $3,866, it dropped and broke $3,784 during Wednesday’s session.
Will Thursday’s economic data guide the market down further or help pick it back up?
Check out the video above to get the breakdown of my critical levels on /ES. I also discuss my focus list setup on AAPL, as huge levels are in play.
Stay Focused!