Jump On Your Camel

Another week and we are once again halfway home. Jump on your camels because it's hump day, and let's see what's on tap for today. News-wise, Bank of Canada interest rate decision and new home sales data is hitting the wire at 10am ET. Jerome Powell does speak this afternoon after market close, but we are in the Fed's quiet period ahead of next week's FOMC rate decision. This means Powell is unable to speak about policy, and he is just giving an opening statement. Therefore, no JPow alert for today that we have to be concerned about.

Yesterday, somewhat unsurprisingly, we had an interesting day heading into the two Big Tech ERs from Google and Microsoft. They took out the initial balance high, then the initial balance low, then made it look like you'd get continuation down, until they hit the reverse button and sent us back towards highs into close. For my trading, it was probably one of the better days I've had recently because I put the trust in the levels and took some good level-to-level trades. Did I capture all of the moves? Absolutely not. Did I take good trades? Yes, and that's all that matters.

For today, I'd love to see some continuation and a trend day, but I don't know if the market is ready to give that to us yet. Meta ER is today after close, tomorrow morning we've got UPS, and tomorrow afternoon we've got Amazon earnings. Unless one of those gives us a clear signal about the economy, I'd kind of expect us to be more range-bound.

Here are the NQ levels for today:

Current Price: 14750

Upside Targets: 14782, 14818, 14865, 14906

Downside Targets: 14680, 14610, 14585, 14515

Stretch Targets: 14966, 14468, 14429