FOMC is behind us. Powell kept rates at 3.50-3.75% with a dovish lean. Two dissents favoring a cut from Waller and Miran which tells you something about where the Fed might be heading. They upgraded growth to "solid pace" and said labor is "stabilizing" so the soft landing story is still alive.
Earnings after hours were solid. Microsoft beat EPS by 31%, Azure still growing at 38%. Meta crushed guidance. Tesla had 20% gross margins which surprised a lot of people, plus Optimus 3 coming in three months. IBM did well too.
But even with those beats, ES sold off about 21 points after the close. Interesting part though, CVD flipped positive during the drop. Looks like buyers were quietly absorbing on the way down. Something to keep in mind tonight.
Tomorrow morning GDP drops at 8:30 AM. Atlanta Fed GDPNow has it at 5.4% while street consensus is around 2.5-3%. If it comes in hot, could get choppy as people start pricing out cuts.
Resistance:
- 7010-7012: Need to get back above here first
- 7022: Today's high
- 7032-7044: Bigger resistance zone
- 7057-7060: Weekly extension
Support:
- 6990-6993: Where we're hanging out now
- 6975-6980: Minor demand
- 6920-6930: 4H equilibrium, bigger support
- 6875: PWL
How I'm seeing it:
- Neutral to slightly bullish overnight
- Watching 6990 for any absorption
- Above 7010 and 7022-7035 comes into play
- Below 6975 and bulls lose control
With CVD positive and earnings strong, feels like bears have some work to do here. But a hot GDP or weak Apple numbers Thursday evening could flip things around pretty quick.
Good Luck !!!
Earnings after hours were solid. Microsoft beat EPS by 31%, Azure still growing at 38%. Meta crushed guidance. Tesla had 20% gross margins which surprised a lot of people, plus Optimus 3 coming in three months. IBM did well too.
But even with those beats, ES sold off about 21 points after the close. Interesting part though, CVD flipped positive during the drop. Looks like buyers were quietly absorbing on the way down. Something to keep in mind tonight.
Tomorrow morning GDP drops at 8:30 AM. Atlanta Fed GDPNow has it at 5.4% while street consensus is around 2.5-3%. If it comes in hot, could get choppy as people start pricing out cuts.
Resistance:
- 7010-7012: Need to get back above here first
- 7022: Today's high
- 7032-7044: Bigger resistance zone
- 7057-7060: Weekly extension
Support:
- 6990-6993: Where we're hanging out now
- 6975-6980: Minor demand
- 6920-6930: 4H equilibrium, bigger support
- 6875: PWL
How I'm seeing it:
- Neutral to slightly bullish overnight
- Watching 6990 for any absorption
- Above 7010 and 7022-7035 comes into play
- Below 6975 and bulls lose control
With CVD positive and earnings strong, feels like bears have some work to do here. But a hot GDP or weak Apple numbers Thursday evening could flip things around pretty quick.
Good Luck !!!
info@algoindex.com, algoindex.com | Join our free trading community: facebook.com/groups/1256769122661043
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info@algoindex.com, algoindex.com | Join our free trading community: facebook.com/groups/1256769122661043
Verbundene Veröffentlichungen
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.