open this before tomorrow's trading
Evening traders.
We’re back with another action packed market brief.
Another loaded news week with JOLTS, Unemployment, and NFP.
No time to waste. Let’s jump in…
Impact Snapshot
ISM Services PMI - Tuesday
ADP Non-Farm Employment - Wednesday
Fed Chair Powell Testifies - Wednesday & Thursday
JOLTS Job Openings - Thursday
Unemployment Claims - Thursday
Unemployment Rate - Friday
Nonfarm Payrolls - Friday
Market Evaluation
This week, the S&P 500 achieved a new all-time high, propelled by a technology-fueled surge that concluded February on a positive note and set a favorable tone for the start of March.
The Fed's preferred inflation gauge published its January numbers this week, showing improvements but also a worrisome slowdown in the journey to 2% inflation.
The American consumer is still strong. But two major surveys of consumer feelings showed the stress is going up.
Next week, the main focus on the economical report will be on Friday with Nonfarm Payrolls as well as Powell’s testimonies on Wednesday & Thursday.
Markets Breakdown
After the 6-day consolidation range, the market saw a breakout to close the week on Friday with a market reaching fresh highs.
The key objective we are looking when breaking out from a previous balance range is acceptance of new prices or the lack of.
Bulls will want to see acceptance of new prices and strength continuation by establishing value above the prior balance range.
Bears will want to wipe Friday’s advance and pull back towards the key pivot of 5117.
The previous 6-day balance area highs will act as key support for the market where we want to see buyers defending that zone to prevent acceptance back inside the balance.
If the market falls back inside a prior balance range and finds acceptance, there are high odds of re-visiting the other end of that balance range.
It’s shaped to be an eventful week ahead as the market is awaiting the all important NFP on Friday.
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Points of interest we will monitor heading into the next week
Upside Levels: 5151/5167/5194
Downside Levels: 5117/5093/5071
That’s all we got tonight.
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.