our $ES levels after jobless claims
Hey team.
We’re back with another market brief showcasing our ES 0.00%↑ levels.
Let’s jump in!
Impact Snapshot
Jobless claims fall slightly to 210,000, underscoring strong labor market
GDP in fourth-quarter raised to 3.4% due to stronger consumer spending
Waller says Fed should delay or reduce cuts after new data
Market Evaluation
The stock market concludes a stellar quarter with a note of caution as traders prepare for crucial inflation data.
The S&P 500 was trading flat Thursday as it aimed to wrap up its best first-quarter performance in five years.
Recent statements from Federal Reserve officials have strengthened expectations that policymakers will refrain from hastily reducing interest rates.
Federal Reserve Governor Christopher Waller said he wants to see “at least a couple months of better inflation data” before cutting rates.
Sierra Chart Suite
Although we have some static points of reference throughout the day, getting an edge in the market comes with being able to identify opportunities in real time.
We can see on the liquidity heatmap this morning, strong seller participants building their passive limit orders on the exact auto-pivot of TPOC.
Once price reached this point of reference, we can see clear absorption of buyers with the market following up with a pullback towards Last Price and vWAP.
We can also further identify trapped "Deltas” on the highs with longs getting forced to close their positions and take the market lower. Watch this on a replay HERE
Markets Breakdown
Wednesday’s comment’s here of paying attention at value and not following price exclusivelly further highlighted the importance of that statement.
On Tuesday, we had rotational activity with the market building value to the upside followed with a downside spike at the closing hour.
Sometimes the market has to break before it can rally, shaking out some of the weaker hands and replace them with strong buyers.
Wednesday’s session rotated all the way back to the upside, negating sellers effort to push the market lower with the closing strength carrying over in today’s session.
Market has maintained activity back above the range of the ATH while we have a formation of a 6-day balance range.
ES
The targets we look for until NY close:
Upside Levels: 5317/5328/5355
Downside Levels: 5293/5288/5278
That’s all we got.
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We’ll see you Sunday!
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