how we're trading the end of worst month in 2024:
Hey team.
We're back with another market report, highlighting all the important releases for tomorrow as well a re-cap of today’s session.
Let’s jump in!
Impact Snapshot
US consumer confidence slumps to lowest level since July 2022
US employment costs re acceleration incentivizes the Fed to be more hawkish
Afterhours earnings today: AMZN 0.00%↑ AMD 0.00%↑
Market Evaluation
Equities stayed on track for their worst month since September amid speculation that the Federal Reserve will maintain interest rates at a two-decade peak come Wednesday.
This decline was spurred by wage data surpassing expectations, fueling new worries about inflation just before the Federal Reserve's upcoming rate decision tomorrow.
The last time Fed Chair Jerome Powell spoke, he highlighted the ongoing challenge of curbing inflation and emphasized the continued resilience of the labor market.
Given the latest price indicators, coupled with anticipated positive employment figures expected on Friday, there's little indication that Powell will deviate from his current stance.
Tomorrow is filled with economical releases throughout the day with ADP Non-Farm Employment Change, Manufacturing PMI & JOLTS Job openings to open the day followed by the FOMC statement and press conference.
Markets Breakdown
An emotional session fueled by the latest economical reports triggered downside continuation on the exact-manner we were watching for our bearish scenario this morning over on X.
After the 8:30 report in the overnight, market spiked lower and targeted the 200EMA with a bounce which we were looking to partially/gap fill towards the settle.
After an initial attempt to find acceptance above today’s flip zone at 5136, sellers took control of the market and targeted the pivot at 5111 which acted as the POC of the session as well.
As always, when we flip a significant reference from s/r we can expect the opposite reaction on the way back up as we later saw with a rejection from the pivot.
We will exercise caution heading into the close and tomorrow as the volatility will be high with the heavyweight reports of AMD and AMZN to close the day.
ES
The targets we look for until NY close & Targets to pay attention Tomorrow:
Upside Levels: 5130/5137/5147
Downside Levels: 5084/5064/5045
That’s all we got!
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