Pay Attention to Technicals
Last week was an eventful week in a key earnings report out of Nvidia and the Jackson Hole symposium. While we do not have the headline event this week of similar magnitude, what we lack in quality we make up for in quantity.
The main event this week is the unemployment report on Friday but along the way we have several other employment-oriented reports, a GDP 2nd quarter revision, a core PCE inflationary report and several other economic data points. There are a lot of data releases this week…but it could be a “noise over substance” type of week.
This week is historically a light trading week with significantly lower volume. You could easily see a situation arise where an economic report creates a lot of “noise” as algos play their game and premarket and intraday price action could be exacerbated in this type of environment. It could easily be an environment where we find ourselves with big intraday swings but we end the week about where we started.
This is a big picture technical week. Attempt to filter out the noise and pay attention to key technical levels. We will be breaking down those technical levels on the Halftime Report every day this week.
Happy trading and have a fantastic start to your week!
Chart of the Day: S&P 500 (/ES)
The S&P 500 is in an interest spot to enter the week. Falling weekly moving averages potentially acting as resistance and a rising 20-weekly moving average potentially acting as support. The 20-weekly also aligns with the intraday support levels that have formed over the last week. This is a battle that could take a minute to play out and the longer we are in this formation, the more explosive the potential move could be once we leave.
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