Hold on to Your Butts
It's a big week in the markets this week.
10/30/20231 min read
We've got a heavy news week this week, so that means we should all embrace the best advice any of us could have received from Jurassic Park and hold on to our butts. This is one of those weeks where you need to know what's on tap and how it could affect the market. First and foremost, on Wednesday we've got the FOMC interest rate decision, so here's how to prepare.
Let's run through the news for this week:
Tuesday - Consumer Confidence, 10am ET
Wednesday - ADP Nonfarm Employment Change, 815am ET
Wednesday - JOLTS Job Openings, 10am ET
Wednesday - ISM Manufacturing PMI, 10am ET
Wednesday - FOMC Decision, 2pm ET
Thursday- Jobless Claims, 830am ET
Thursday, Apple Earnings, after market close
Friday - Nonfarm Payroll, 830am ET
Friday - Unemployment Rate, 830am ET
Friday - Services PMI, 945am ET
Friday - ISM Non-Manufacturing PMI, 10am ET
If you don't know anything, know that FOMC and Apple earnings are your major news movers for the week. Pay attention to the way the market moves into these events and the reaction to them, both in the immediate moments after and in the way the market moves the following day. It's always fun to see the games and how they are played.
Here are some major weekly levels I'm watching this week: 14610 and 14144. If we reclaim 14610 I'm watching 14951 + 15156 above. Below 14144 I'll be interested in 13745. For you longer-term traders, those are what I'm watching on a larger timeframe.
Here are today's NQ levels:
Current Price: 14370
Upside Targets: 14429, 14468, 14536, 14586
Downside Targets: 14336, 14251, 14181, 14140
Stretch Targets: 15610, 14068
