Open Me Before Trading Tomorrow!
Happy Easter (for those that celebrate) team!
We’ve got another Sunday market brief to get you ready to roll for the upcoming week.
We’ve got a big news week lined up so let’s jump right in…
Impact Snapshot
ISM Manufacturing PMI - Monday
JOLTS Job Openings - Tuesday
ADP Nonfarm Payrolls - Wednesday
ISM Services PMI - Wednesday
Fed Chair Powell Speaks - Wednesday
Unemployment Claims - Thursday
Unemployment Rate - Friday
Average Hourly Earnings - Friday
Market Evaluation
The S&P 500 closes the week with a modest gain, marking its strongest first quarter performance since 2019.
This positive trend is complemented by fourth-quarter GDP figures surpassing expectations.
The quarter has seen gains driven by corporate earnings and economic data surpassing forecasts, heightening expectations for the Federal Reserve's policy-setting committee to initiate interest rate cuts later this year.
Next week marks the beginning of Q2, featuring reports on ISM Services/Manufacturing PMI, ADP Nonfarm Payrolls, and Fed Chair Powell Speech.
However, investor attention will be predominantly fixated on the March employment data set to release later in the week.
Markets Breakdown
Friday’s session has edged higher but fell bit short from performing a new ATH for the day.
This rejection left a poor high towards 5320.
This poor high, aligned with the prior ATH creates a “weak” point of reference where excess above is needed to clear this poor structure.
Market is on a 6-day balance range. A crucial area for buyers to maintain if the market sees another rejection at the top of balance will be the prior ATH range at 5255.
As always we’re focusing where the market is building value which will determine acceptance of new prices.
Range-bound activity further tighten the balance range until catalysts of key economical reports drive the market in a new directional move.
ES
The targets we look for until NY close & Targets to pay attention Tomorrow:
Upside Levels: 5328/5336/5355
Downside Levels: 5293/5288/5278
That’s all we got!
Like, share, and comment your thoughts below.
We’ll see you Tuesday.
-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.