Morning Scoop
It’s not looking like a happy morning. The pajama traders brought us back down below yesterday’s levels, and now we’re back in a sticky area. Let’s check out what’s going on around the markets today.
Markets
News
$META has laid off another 10,000 employees. While they are still a few thousand higher than they were before the pandemic, this is their way of achieving more ‘efficiency.’
$XLF financials are still struggling and are down again pre-market. We went from Powell possibly increasing rates by 50 bps to now he might not even raise them at all, and might even cut rates. This market has been nothing short of a telenovela.
S&P 500 Futures Update
We went up in the beginning of the day, chopped sideways for the majority of the day, and at the end of the day, we found a direction and finished slightly up. But this morning is a different story. Check out the white circle; we had a breakout and were hoping to hold this area to push us higher into that 200-day moving average. However, we didn’t manage to hold it, and now we’re sitting back towards the lows before the market opens.
Forecast
Sit tight, as catalysts keep interrupting the market flow, and we won’t see favorable conditions until we have a clear path. We have to wait and see what Powell says.
Chart Analysis
Watchlist for today
$AMD, I took a short position yesterday, but ultimately, I want to be long here. It had a significant day yesterday before pausing and coming back down, which is where I entered the market. This morning, I’m hoping to see a bounce from the $85.50 area. If we can hold this area well or get a slight rebound, I can see the stock bouncing back towards the $88 range. I’ll be setting my stop loss just below the lows and watching how it plays out from there.
Wrap-up
Let’s see how futures hold up this morning. I would prefer to wait at least 15 minutes before entering into the market to avoid any volatility whips that may stop me out. It seems we’re picking up momentum after the drop, so I’m not sure what to expect. I’ll be patient and wait for the setups to come to me.
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