ES Gameplan for Monday Aug 21 , 2023 !
ES Long above 4396
Short below 4367.25
Dow Jones futures slightly increased on Sunday night, along with S&P 500 and Nasdaq futures, ahead of Nvidia earnings and a speech by Fed Chief Jerome Powell.
Palo Alto Networks reported earnings on Friday night.
The stock market underwent a correction last week, as major indices and leading stocks faced losses due to rising Treasury yields and concerns about China's economy.
A potential short-term bounce occurred on Friday, but it's unclear if it will persist. Investors should remain cautious during the market correction.
Nvidia earnings and Powell's speech are awaited as potential market catalysts, although their impact is uncertain.
Notable stocks to watch during the correction include Arista Networks, Diamond Offshore, Commercial Metals, Visa, Boeing, and Google's parent company Alphabet, as well as Nvidia.
Nvidia, ANET, and Google are on IBD Leaderboard, IBD 50, and IBD Big Cap 20 respectively.
Dow Jones futures are slightly above fair value, with the 10-year Treasury yield at 4.28%.
China's central bank cut the one-year loan prime rate but maintained the five-year rate, urging state-owned banks to increase lending.
Friday's rebound in markets might not indicate a sustained trend. Market experts caution against being overly optimistic.
PANW earnings surpassed expectations, although revenue fell slightly short. PANW stock surged 11% after-hours.
The market correction saw major indices dropping below their 50-day moving averages due to rising Treasury yields and China-related concerns.
Major ETFs had mixed performance, with some like FFTY and IGV experiencing declines.
Nvidia's forthcoming earnings are highly anticipated after strong Q1 results and positive Q2 guidance.
Powell's Jackson Hole speech is expected to emphasize patience with rate hikes while addressing the potential for cuts, given the current economic conditions.
The stock market rally attempt continues, but investors should remain cautious. The 10-year Treasury yield's movement is influential.
Investors are advised to exercise caution and trim exposure amid market uncertainty.
Shorting opportunities could arise during brief market bounces.
The market could experience a short correction or intensify selling. Paying attention to market trends and updating watchlists is crucial.
Investors should remain attentive, update watchlists, and focus on stocks displaying relative strength. The current situation might lead to changes in strong-performing stocks.
Short below 4367.25
Dow Jones futures slightly increased on Sunday night, along with S&P 500 and Nasdaq futures, ahead of Nvidia earnings and a speech by Fed Chief Jerome Powell.
Palo Alto Networks reported earnings on Friday night.
The stock market underwent a correction last week, as major indices and leading stocks faced losses due to rising Treasury yields and concerns about China's economy.
A potential short-term bounce occurred on Friday, but it's unclear if it will persist. Investors should remain cautious during the market correction.
Nvidia earnings and Powell's speech are awaited as potential market catalysts, although their impact is uncertain.
Notable stocks to watch during the correction include Arista Networks, Diamond Offshore, Commercial Metals, Visa, Boeing, and Google's parent company Alphabet, as well as Nvidia.
Nvidia, ANET, and Google are on IBD Leaderboard, IBD 50, and IBD Big Cap 20 respectively.
Dow Jones futures are slightly above fair value, with the 10-year Treasury yield at 4.28%.
China's central bank cut the one-year loan prime rate but maintained the five-year rate, urging state-owned banks to increase lending.
Friday's rebound in markets might not indicate a sustained trend. Market experts caution against being overly optimistic.
PANW earnings surpassed expectations, although revenue fell slightly short. PANW stock surged 11% after-hours.
The market correction saw major indices dropping below their 50-day moving averages due to rising Treasury yields and China-related concerns.
Major ETFs had mixed performance, with some like FFTY and IGV experiencing declines.
Nvidia's forthcoming earnings are highly anticipated after strong Q1 results and positive Q2 guidance.
Powell's Jackson Hole speech is expected to emphasize patience with rate hikes while addressing the potential for cuts, given the current economic conditions.
The stock market rally attempt continues, but investors should remain cautious. The 10-year Treasury yield's movement is influential.
Investors are advised to exercise caution and trim exposure amid market uncertainty.
Shorting opportunities could arise during brief market bounces.
The market could experience a short correction or intensify selling. Paying attention to market trends and updating watchlists is crucial.
Investors should remain attentive, update watchlists, and focus on stocks displaying relative strength. The current situation might lead to changes in strong-performing stocks.
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