All eyes are on the Federal Reserve Jackson Hole virtual event tomorrow morning starting at 10 a.m. Eastern shortly after the market opens. There’s much anticipation going into the meeting, so we’re expecting a volatile and eventful end to the week.
The devastating news overseas and the uncertainty around tomorrow’s Fed event dragged all three major indices lower today and increased volatility in the overall market. Rather than watching our Focused List as closely, we’re mostly focusing on the overall market, specifically the S&P 500 (SPX). We’re looking to take advantage of moves that line up with our key price targets (listed in the video).
One name we will be watching is GOOGL, the strongest leader of the technology sector. This Big Tech darling has continued to rally and held up its progress thus far. We’re keeping an eye on ROKU to continue our rinse-and-repeat setup of buying the dip if ROKU opens and holds at the $352 key zone. The last name that deserves some recognition and patience is SNOW, so watch the $292 level to see if it can push higher.
For now, let’s focus on the overall market and see how tomorrow’s Fed event plays out. Will we continue to chop, boost higher, or will negative news send the market lower? Either way, let’s be mindful of volatility and look to take advantage of our key levels.
Stay Focused!