Afternoon traders.
We’re back again with another market brief.
We’ve got another set of levels we’ll be trading this week so let’s just jump right in.
Impact Snapshot
Jobless claims fall to 5-week low of 201,000.
NVDA 0.00%↑ earnings beat expectations
Market Evaluation
Nvidia's robust performance ignites a rally, rekindling enthusiasm for AI stocks.
S&P500 surged to an all-time high after chip giant Nvidia reported much stronger-than-expected quarterly results, lifting the broader tech sector.
From the US to Europe and Japan, equities hit all-time highs.
A muscular U.S. labor market shows little sign of turning flabby despite higher interest rates meant to slow the economy.
The Fed released the minutes from its January meeting and once again officials expressed concerns with cutting interest rates without further confirmation that inflation is firmly under control.
Markets Breakdown
Market experienced a major directional movement to the upside, leading up to over 2% performance on ES the day after the NVDA 0.00%↑ earnings and Nasdaq heads for best day in over a year.
We’re in all time highs territory after the market finally cleared up the poor high of 5066 which we’ve highlighted since the start of the week as a key point of reference.
The objective for now is monitoring acceptance of new prices above the multi day balance range or the lack of.
The key resistance area which formed the poor high last week will be a point of interest for the bulls to defend in order to prevent acceptance back inside this prior range.
Falling back inside the prior range is a sign of rejection and it can offer rotational activity towards the other side of balance.
ES
The targets we look for until NY close & Targets to pay attention Tomorrow:
Upside Levels: 5115/5135/5151
Downside Levels: 5072/5065/5035
That’s all we got.
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We’ll see you Sunday.
-The QuantVue Team
Disclaimer: Futures and options trading carries a significant level of risk and may lead to substantial financial losses. The content provided in this newsletter is solely for informational purposes and should not be construed as a trade recommendation or financial advice. It is essential for readers to independently assess and make their own investment decisions, taking into consideration their personal financial situation and risk tolerance.
Good stuff!!!