- Despite Friday’s weak action in the market, the lows from Thursday have been defended. See if this area holds once again today for clues. Watch the action in semiconductor stocks and crypto for clues! $AMD, $NVDA, $BTCUSD, $ETHUSD
- $NVDA will be the best barometer for today’s action. See if it stays above the yearly lows at $140.55 for clues. A break and close below this area will bring about more sellers. A higher low and possible rally to $150 will likely lift the mood on Wall Street
- With futures down sharply see if we put in a trade-able low in the first 15 minutes. The extreme oversold nature of the market will most likely lead to a snap-back rally. Keep an eye on $NVDA for clues
- With futures currently higher see if the $SPY and $QQQ can defend early gains and re-build above yesterday’s highs. $407-410 is a big resistance area for the $SPY. For the $QQQ, watch $308-311
- Powell’s comments at Jackson Hole cratered the markets on Friday despite the fact that he continues to be following the same line. See if early weakness gets absorbed today and if the bulls start to rebuild. The 50SMA will be an important area to watch
- With futures down sharply this morning see if the low of the day is posted in the first 30 minutes and whether the bulls defend or reclaim the 50SMA in the indices and individual stocks. Keep an eye on EUR/USD and $BTCUSD for clues.
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