where we think the markets headed 👉
Afternoon traders.
Back in your inbox again with another action packed market brief.
We cover the levels we’re wathing on ES 0.00%↑ and how to trade the upcoming inflation data on Thursday.
Let’s jump right in…
Impact Snapshot
US durable goods orders post largest drop in nearly four years
US Consumer Confidence Retreated in February
Market Evaluation
Traders refrained from making big bets ahead of Thursday’s inflation data and a parade of central bank speakers.
Market rally took another breather with the S&P500 seeing some range bound activity with no major directional moves in anticipation of catalyst economical reports.
Investors are grappling with a decline in their anticipated reduction of interest rates by the Federal Reserve. This potential shift in policy is expected to contribute to a bond rally.
Ultimate TradingView Suite
With our updated TV Suite with market profiles split by Asia/Europe/US sessions, we were able to catch this beautiful pivot that was two overlapping ledges & add context to our indicator toolkit as a point of reference that the market would like to re-test. Check the update we threw on our market market report Here.
Markets Breakdown
Since yesterday in our market report we highlighted the importance of paying attention when conducting trading inside balance areas.
Balance is market’s mechanism of communicating that it’s awaiting additional information prior to beginning it’s next directional movement.
There is no breakout from a key balance area without the support of volume so rotational and range bound activity inside balance is favorable.
We are looking at that key catalyst for the market to shape a directional on the upcoming Thursday with PCE inflation.
There is a lot of ground to cover on the downside if the market breaks from what is now a 4-day balance range.
Consolidation at higher prices and as long as the market remains within last' Thursday rally range, it’s an indication of acceptance of new prices and possible continuation.
ES
The targets we look for until NY close & Targets to pay attention Tomorrow:
Upside Levels: 5095/5113/5135
Downside Levels: 5061/5048/5017
That’s all we got!
Like, comment, share, all that good stuff.
We’ll see you Thursday.
-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.