Unemployment Report Key Event on Friday
Coach Mark here
An early happy 4th of July to those in the United States and a reminder that the market will be closed on Thursday and closed early on Wednesday at 1:00 PM EST. So, while we have few trading hours this week there are no shortage of economic reports this week.
It is what traders refer to as “unemployment week.” It is referred to as such because of the number of monthly employment reports that come out on the same week highlighted by the key monthly unemployment report on Friday. The monthly report has served as a catalyst numerous times over the last couple years in not just the stock market, but other markets as well. Be sure to check in on Friday even if you are in a 4th of July slumber to the Trader’s Lounge and Halftime Report for full analysis.
The Fed will be out speaking again (although the market is increasingly tuning them out) highlighted by Jerome Powell speaking on a panel to start out Tuesday and Fed minutes which will be released after the market is closed on Wednesday. Until the Fed provides a clear path on future policy it is hard to give much weight to Fed events. Something you keep an eye on but do not trade around right now.
Have a great Monday everyone and be safe in your travels this week. We will be holding our regular programming on YouTube except Thursday where we will be taking the day off with the market being closed
Chart of the Day: NVIDIA (NVDA)
The most important stock in the universe is fighting within a short-term consolidation pattern. These patterns can produce some very nice setups after the battel is over and given the nature of Nvidia to the market, this is an important chart to watch.
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