The market just wrapped up a volatile week. The NQ and ES both traded down to there respective 21 ema where they found support then surged higher after the FOMC held rates at 5.5%, payroll data exceeded expectations & META/AMZN delivered. The market continues to bet on the goldilocks scenario of flat to lower rates, a strengthening economy during a US election year.
SUMMARY
SUMMARY
- ES closed the week with a gain of 1.22% after trading in a range of 129 pts.
- ES successsfully re-tested the 21 ema finishing the week back above the 1.272 Fib X ( 4898)
- ES closed at the week high approx. 1% of ATH.
- A move above Friday's high (4997) make a move to the ATH likely
- A rejection of the Friday high (4997) make a re-test of the 9 ema likely
- A move back below the Mar 29th high (4861) would make a move back to the 55 ema likely.
- Earnings continues with key reports from MCD, L, LLY, CAT, DIS, NET,UBER, AFRM, F & BABA.
- PMI data out on Mon & Fed Heads speaking all week.
- Elevated terrorist/war risk due to escalaton of conflicts in the Middle East.
- RSI 67.23 VIX at 13.84 | 10 year 4.02%
