We are ending the week with a big catalyst, the Nonfarm Payrolls (NFP) report on Friday at 8:30 a.m. Eastern.
We started the short week with the Federal Open Market Committee (FOMC).
The S&P 500 (/ES) created a new low and ran back toward the 21 exponential moving average (EMA) on the Fed event. On Thursday, the /ES had a cover pop leading us to our zone at $3,900.
The next few days, the market will have to work around the trendline at $3,930 and $3,950 and make a decision.
We’ll continue to look for the /ES to potentially double top and fail at $3,930. A potential rollover could lead us to our first target, the daily 21 EMA, and the second target, Point of Control (POC) at $3,828.
We could also see a continued cover pop breaking structure above at $3,930 and head toward $3,976.
In the video above, we’ll break down how the FOMC impacted the market, define key zones in the Volatility Index (VIX), break down the structure of the S&P 500 (/ES) and technology index (/NQ), and review our focused list setups on NVDA and GOOGL.
Stay Focused!