Morning Insight - SPX / ES

8/29/2024

Aug 29, 2024

Good Morning Traders,

After a disappointing earnings report from Nvidia, we saw the market initially sell off after hours, but the cash session may never feel the impact. Overnight, we've experienced an incredible rebound of over 70 points. As I’ve emphasized many times, we're not bearish on the daily timeframe until the SPX closes below 5570 and the ES below 5598—neither of which occurred yesterday. In fact, we saw a last-minute save right before the bell, followed by a significant drop post-market, only for the market to rebound sharply overnight. We're now sitting much higher than yesterday’s close.

This market is still bullish in my opinion, and we should be looking for opportunities to go long. However, caution is still warranted, as we’ve returned to the 8-day balance area and are back within last week's range, right in the middle. We also have some news this morning that could trigger volatility, so I encourage you all to stay safe and carefully consider the levels on the chart before making any moves.

Have a great trading day, and let’s conquer these markets!

Ryan Bailey

VICI Trading Solutions

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