The bulls are in control ahead of the major catalysts on Friday.
The first week of August has been a relatively steady week for the markets. On Thursday evening, we’ll hear the results from the Tesla shareholder meeting on the TSLA 3 to 1 stock split.
On Friday, the Nonfarm Payroll (NFP) report will be released, which could be part of the reason for a “calmer” week. The Senate will also vote on the $7,500 EV credit before the end of the week.
There are major key levels on the S&P 500 (/ES) now that the market is rallying to larger ranges. These levels have caused major pivots in the overall market.
As long as the /ES stays above last Friday’s low near $4,081, we anticipate the bulls will stay in control. The daily Ichimoku Cloud is showing a flatline level around $4,074, which we’ll use as a line in the sand. We can use this mini zone from $4,074 to $4,081 as a level of support for the bulls.
In the video below, we’ll lay out the road map for the next week and review setups on our focused list including SHOP, AMZN, and TSLA.
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