This Week: FOMC and Beyond
Let's take a look at what's going down in the markets this week.
12/11/20231 min read
'Tis the season for... blast-off? Taking a look at NQ (the futures symbol for the NASDAQ 100 index, for the new folks here), we're only about 3.5% away from all-time highs. That's a couple of good days in the market. Heck, we've been up more than that in a single day in the past couple of years. The point here is simple: there's really not much standing in the way of reaching new highs. Should you strap yourself in and enjoy the ride to the moon?
Let's see what we've got going on this week:
Monday: 10 Year Note Auction - 1pm ET
Tuesday:
CPI - 8:30am ET
30 Year Note Auction - 1pm ET
Wednesday:
PPI - 8:30am ET
Crude Inventories - 10:30am ET
FOMC Interest Rate Decision - 2pm ET
FOMC Press Conference - 2:30pm ET
Thursday:
Bank of England Rate Decision - 7am ET
ECB Rate Decision - 8:15am ET
Retail Sales - 8:30am ET
Jobless Claims - 8:30am ET
Friday: Services PMI - 9:45am ET
As you can see, a lot of data this week. All eyes of course are on CPI and the Fed Interest Rate decision, so expect the market to be waiting for those news events to conclude to really pick a direction. I'll be personally playing it safe until the back half of the week, but if you're a great news trader then this is going to be a good week for you. No matter what kind of trader you are, trade well this week!
Here are the big picture levels for NQ I'm watching this week:
Current Price: 16080
Upside Targets: 16114, 16173, 16208, 16313, 16448, 16564, 16659, 16767.50 (ATH)
Downside Targets: 16062, 15981, 15919, 15856, 15796