bear market canceled? 🚀

Hey traders.

Your favorite futures analysts are back in action with another market brief.

We’ve got another action-packed breakdown for you all as we digest last week’s big news cycle, and reveal how we’ll be trading this week & November overall.

Let’s dive right in…

Impact Snapshot

  • Fed’s Powell Speech - 9:15am ET (Wed.)

  • 10Y Bond Auction - 1:01pm ET (Wed.)

  • Earnings:

Market Evaluation

A surge in the tech sector propelled stocks toward their lengthiest winning streak in two years, as traders disregarded the latest efforts from Federal Reserve speakers to counter the market's recent dovish sentiment.

The S&P500 rose for a seventh straight day, heading toward its longest winning streak since November 2021. 

The Nasdaq gained 1%, with most big techs in the green and a surge in the cloud software space.

Wall Street continued to assess whether last week’s rally can continue after all three indices wrapped their best week in 2023

This week is relatively slow in terms of economical reports, all eyes will remain on the Fed speakers and especially tomorrow. 

Fed Chair Powell will give opening remarks at the Division of Research and Statistics Centennial Conference, in Washington DC at 9:15AM EST.

Markets Breakdown

Monday was an inside day relatively to Friday, an indication of balance. 

It was a relatively slow and uneventful day as the market ranged between the settle at 4376 with no major directional moves on either side.

Our morning brief that we’ve posted HERE on the overnight session talked about paying attention towards rotations and not counting on over extensions as the range-bound activity was more favorable.

Market made a bounce towards the settle at the open to correct the upside gap then moved towards our pivot of 4362 area which saw a double bottom and a move to the upside followed.After successfully re-claiming the settle pivot we were watching, the market closed around the open of the day.

We can see even on a relatively slow and uneventful day, using our exclusive indicators for confluence we could have taken several opportunities relatively to our morning brief levels.

ES

Today’s session saw early strength and an attempt to breakout from the 2-day balance area formation we’ve had since Friday.

The key zones we will pay attention is the upside gap which was left there since 9/21 and last Friday’s upside gap.

We will look for rotations towards the areas we are showing on our chart.

The targets we look for until NY close & Targets to pay attention Tomorrow:

  • Upside Levels: 4410/4419/4443

  • Downside Levels: 4361/4348/4337

That’s all we got for you in this one.

We’ll be back in your inbox again on Thursday!

Happy trading out there.

-The QuantVue Team

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