8/24 Daily Recap, Outlook, and Trading Plan
Recap
Yesterday saw a clean uptrend move in ES, marking a major low after three days of higher daily lows. The relief bounce to 4418 and high 4420s was anticipated and played out as expected. The day ended with ES reclaiming 4400 and squeezing to the 4426-29 target. The market now sits 100 points off last Friday’s low, with key catalysts such as NVDA earnings and Jackson Hole on Friday ahead.
Market Outlook: Bullish
Premarket
🌏 Asia: Up
🌍 Europe: Up slightly
🌎 US Index Futures: Mostly up but areas of weakness
🛢 Crude Oil: Down
💵 Dollar: Up
🧐 Yields: Up
🔮 Crypto: Down a bit
World Headlines
NVIDIA reignites AI rally with their blowout earnings report.
Key Structures
The large rising uptrend channel connecting the March and May lows failed last Tuesday, causing a 120 point flush. Resistance is currently at 4500, with closer bottom indicator at 4470-75. The declining channel from the August high has resistance today at 4445-47 and support at 4310. The yellow declining channel from the August high was reclaimed yesterday, with support at 4429-23 today.
Support Levels
Key support levels include 4442, 4429 (major), 4423, 4412, 4403-06 (major), 4389, 4376-74 (major), 4368, 4345-50 (major), 4339, 4329, 4318 (major), 4308, 4300-02 (major), 4286 (major), 4273, 4265, 4247, 4241 (major), 4230-35 (major).
Resistance Levels
Resistance levels to watch are 4448 (major), 4454, 4470-75 (major), 4487-90, 4500 (major), 4512 (major), 4517, 4533 (major), 4540 (major), 4545, 4555, 4565 (major), 4580, 4593 (major), 4600, 4607, 4618-22 (major).
Trading Plan
The bull case today requires holding 4429-26 on any dips, ideally building a base in the range between 4429-4450, then taking a run to 4470-75 next, followed by 4500. The bear case begins on the fail of 4403, with a short at 4399 for a move down the levels. A fail of 4429-23 is another potential short entry point.
Wrap Up
After a big trend move and with NVDA big positive earnings, the general lean is that ES can defend 4429 and try the run to 4470-75. As always, following the price and not predicting is key.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
Yesterday saw a clean uptrend move in ES, marking a major low after three days of higher daily lows. The relief bounce to 4418 and high 4420s was anticipated and played out as expected. The day ended with ES reclaiming 4400 and squeezing to the 4426-29 target. The market now sits 100 points off last Friday’s low, with key catalysts such as NVDA earnings and Jackson Hole on Friday ahead.
Market Outlook: Bullish
Premarket
🌏 Asia: Up
🌍 Europe: Up slightly
🌎 US Index Futures: Mostly up but areas of weakness
🛢 Crude Oil: Down
💵 Dollar: Up
🧐 Yields: Up
🔮 Crypto: Down a bit
World Headlines
NVIDIA reignites AI rally with their blowout earnings report.
Key Structures
The large rising uptrend channel connecting the March and May lows failed last Tuesday, causing a 120 point flush. Resistance is currently at 4500, with closer bottom indicator at 4470-75. The declining channel from the August high has resistance today at 4445-47 and support at 4310. The yellow declining channel from the August high was reclaimed yesterday, with support at 4429-23 today.
Support Levels
Key support levels include 4442, 4429 (major), 4423, 4412, 4403-06 (major), 4389, 4376-74 (major), 4368, 4345-50 (major), 4339, 4329, 4318 (major), 4308, 4300-02 (major), 4286 (major), 4273, 4265, 4247, 4241 (major), 4230-35 (major).
Resistance Levels
Resistance levels to watch are 4448 (major), 4454, 4470-75 (major), 4487-90, 4500 (major), 4512 (major), 4517, 4533 (major), 4540 (major), 4545, 4555, 4565 (major), 4580, 4593 (major), 4600, 4607, 4618-22 (major).
Trading Plan
The bull case today requires holding 4429-26 on any dips, ideally building a base in the range between 4429-4450, then taking a run to 4470-75 next, followed by 4500. The bear case begins on the fail of 4403, with a short at 4399 for a move down the levels. A fail of 4429-23 is another potential short entry point.
Wrap Up
After a big trend move and with NVDA big positive earnings, the general lean is that ES can defend 4429 and try the run to 4470-75. As always, following the price and not predicting is key.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
