This week, our main focus is on the technical levels in play on the major indexes and the catalysts that could affect the market.
The S&P 500 (/ES) fell to the previous low of the year on Monday at $4,101.75. It quickly made up for the drop with a pop back to a key zone.
In the video above, we’ll review the major price action on Monday and lay out the next key zones to focus on.
The first catalyst we’re keeping an eye on is the economic calendar.
On Wednesday morning, we’ll review the ADP Employment report and see if that impacts price action.
The Federal Open Market Committee (FOMC) statement will be released at 2:00 p.m. Eastern time on Wednesday. Federal Reserve Chairman Jerome Powell will speak immediately after. This is our largest event this week that we will tie into our overall thesis.
The next economic event we’re focusing on is the Nonfarm payrolls (NFP) job report released on Friday morning.
Our main focus will remain on the major indexes at the beginning of the week.
There are names on our focused list we are anticipating earnings reports. We’ll look to play these names later this week.
After market close on Tuesday, AMD reports earnings. See if the news offers setups on itself or other names in the semiconductor sector, such as NVDA.
On Thursday morning, SHOP will report earnings. We’ll look to play the news on Thursday and Friday live in the Simpler Day Trading room.
Until then, ignore these stocks, be ready for the earnings reports, and stay up-to-date on the economic data.
Stay Focused!
