Morning Outlook - ES / SPX

8/22/2023 - Thursday

Aug 22, 2024

Good Morning Traders

Yesterday we held out significant daily at 5607.50 and continued to make higher lows as price progressed up all day. WE also had a very strong close in the ES yesterday that put us in the daily leg to the highs range which was super bullish. HOWEVER we are in a very contentious place right now with SPX as we played the highest untested daily on the leg yesterday which gave us a pretty powerful smack. BUT even with this we coudln’t make a new local low. So how do we read this price action?

Well we are still trending up but we need to exercise caution up here as we have some RED TAG new this morning (unemployment and Manufacturing PMI) and some serious political speakers at Jackson Hole which started today and the #1 speaker being Jerome Powell who speaks on Friday. With less than 50 points off the ATH for SPX it seems inevitable but We should assume anything. I found some interesting data regarding the S&P performance around Jackson Hole and you can find it by clicking in the link HERE

Now with all the action ahead of us let’s take a look at the levels and see what needs to play today to keep the momentum going in either direction.

Trade safe and lets conquer these markets!
Cheers,
Ryan Bailey

Conquer the Markets Trading Plan

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