$SPX Analysis, Key Levels & Targets For Today & Tomorrow
We are above the 50 day moving average the one hour to under moving average and 35 EMA on the 30 minute timeframe and then we have that up gap from last Friday all on the downside of the trading range. We are currently at a resistance level here, and above it we have another one at 6045 (top of the implied move) which was a support in December before we broke down and then it turned into a resistance. We have an island gap underneath the 30 minute tun removing average above the four hour to removing average and just remember they always do fill. It doesn’t have to be this week but it definitely could be so if you’re bar that might be a good place to look to take profits if we do go down.
I will dive much more deeply into these levels on tonight's video, but for now we at least have them.
Things to Watch this Week:
Earnings Reports: Major companies like Netflix (NFLX), Johnson & Johnson (JNJ), Procter & Gamble (PG), United Airlines (UAL), General Electric (GE), Alaska Air (ALK), American Airlines (AAL), CSX Corporation (CSX), Verizon (VZ), HCA Healthcare (HCA), and American Express (AXP) are set to release their earnings. These reports can significantly influence market sentiment and stock prices.
Manufacturing PMI: The Purchasing Managers' Index (PMI) for manufacturing will provide insight into the health of the manufacturing sector. A reading above 50 indicates expansion, while below 50 suggests contraction. This data can influence expectations about economic growth and interest rates.
Services PMI: Similarly, the Services PMI will give an overview of the service sector's performance. Given the service sector's substantial contribution to the economy, this data is critical for understanding overall economic trends.
Home Sales: Data on existing home sales can shed light on consumer confidence and spending in the housing market, which is a major component of economic activity. Changes in home sales can signal shifts in economic health.
Jobless Claims: Weekly initial jobless claims numbers are a pulse check on the labor market. Rising claims might indicate economic slowdown, while falling claims suggest job growth and economic strength.
Market Volatility: The CBOE Volatility Index (VIX) has been noted to be fluctuating, which might continue this week. Monitoring the VIX can help assess market fear or complacency.
Interest Rate Sensitivity: With the Federal Reserve’s actions on interest rates being a focal point, any indication of future policy direction from Fed officials' speeches or economic data releases could sway markets. Look for comments from Fed members or economic reports that might hint at rate adjustments.
Sector Performance: Particularly, keep an eye on sectors like Technology (with companies like Nvidia potentially leading AI trends), Health Care, and Consumer Discretionary, which have shown movements or are expected to with upcoming earnings.
Global Economic Indicators: International developments, especially from major economies like China or the Eurozone, can impact U.S. markets due to globalization. Look for news on global manufacturing, services, or policy changes that could affect investor sentiment.
Geopolitical Events: Although not directly mentioned in recent market summaries, geopolitical tensions or developments, like trade negotiations or conflicts, can influence markets. Keep an ear out for any significant international news that might ripple through financial markets.
I will dive much more deeply into these levels on tonight's video, but for now we at least have them.
Things to Watch this Week:
Earnings Reports: Major companies like Netflix (NFLX), Johnson & Johnson (JNJ), Procter & Gamble (PG), United Airlines (UAL), General Electric (GE), Alaska Air (ALK), American Airlines (AAL), CSX Corporation (CSX), Verizon (VZ), HCA Healthcare (HCA), and American Express (AXP) are set to release their earnings. These reports can significantly influence market sentiment and stock prices.
Manufacturing PMI: The Purchasing Managers' Index (PMI) for manufacturing will provide insight into the health of the manufacturing sector. A reading above 50 indicates expansion, while below 50 suggests contraction. This data can influence expectations about economic growth and interest rates.
Services PMI: Similarly, the Services PMI will give an overview of the service sector's performance. Given the service sector's substantial contribution to the economy, this data is critical for understanding overall economic trends.
Home Sales: Data on existing home sales can shed light on consumer confidence and spending in the housing market, which is a major component of economic activity. Changes in home sales can signal shifts in economic health.
Jobless Claims: Weekly initial jobless claims numbers are a pulse check on the labor market. Rising claims might indicate economic slowdown, while falling claims suggest job growth and economic strength.
Market Volatility: The CBOE Volatility Index (VIX) has been noted to be fluctuating, which might continue this week. Monitoring the VIX can help assess market fear or complacency.
Interest Rate Sensitivity: With the Federal Reserve’s actions on interest rates being a focal point, any indication of future policy direction from Fed officials' speeches or economic data releases could sway markets. Look for comments from Fed members or economic reports that might hint at rate adjustments.
Sector Performance: Particularly, keep an eye on sectors like Technology (with companies like Nvidia potentially leading AI trends), Health Care, and Consumer Discretionary, which have shown movements or are expected to with upcoming earnings.
Global Economic Indicators: International developments, especially from major economies like China or the Eurozone, can impact U.S. markets due to globalization. Look for news on global manufacturing, services, or policy changes that could affect investor sentiment.
Geopolitical Events: Although not directly mentioned in recent market summaries, geopolitical tensions or developments, like trade negotiations or conflicts, can influence markets. Keep an ear out for any significant international news that might ripple through financial markets.
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I am not your financial advisor.
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