Biggest week of 2023? 👀 - Sunday Market Report

What’s up fellow traders. Back with another Sunday market report to prep you all for the week ahead.

Once again, we’re on a Sunday, Tuesday, and Thursday schedule for these Substack reports.

Alright, let’s dive in…

Impact Snapshot

• FOMC Statement on Wednesday

• GDP on Thursday

• PCE on Friday

• Key Earnings:

Market Evaluation

Get ready for one of the busiest week of the summer as more than 150 S&P500 companies are set to report quarterly results in the week ahead as well as Federal Reserve announcing it’s latest policy decision on Wednesday afternoon.

The US central bank will announce its latest monetary policy decision at 2 p.m. ET on Wednesday with Fed Chair Jay Powell set to hold a press conference a half hour later.DOW rose for 10th straight day on Friday to extend longest winning streak since 2017 as NASDAQ was dragged down by results from and .Last week, ES showed continued strength in the first three days and ended with the market in short-term balance, with Friday being an inside day.

Combining Thursday’s High and low with Friday’s inside day further defines the short-term balance as Thursday’s high at 4594.25 and Thursday’s low at 4557. (Breakdown of Friday’s session posted on Twitter here.)

Currently we have an excess high at 4609.25, if that excess high remains in place during the week, there is a good chance the short covering pain train we’ve mentioned in the last newsletter is over, at least for now.

The Week Ahead

Looking at the bigger high time frame look, failure to show downside price acceptance below Thursday’s low 4557 , continues to define the short-term balance and lessens the potential significant of Wednesday’s excess High

A downside breakout below Thursday’s low 4557 with further lower price acceptance significantly increases the importance of Wednesday’s excess high and confirms at least a short-term Trend to the downside.

A downside breakout targets support at the 4500 level. Failure to hold support at 4500 increases the odds of more serious liquidation in the days ahead.

Key Pivot zones to pay attention this Week

• Upside Levels: 4583, 4609, 4619

• Downside Levels: 4543, 4509, 4500

That’s all we got for you in this Sunday report.

We’ll see you on Tuesday!

-The QuantVue Team

As always, the pre-market Daily intraday levels we are watching will be posted exclusively on Twitter.

Disclaimer: Futures and options trading carries a significant level of risk and may lead to substantial financial losses. The content provided in this newsletter is solely for informational purposes and should not be construed as a trade recommendation or financial advice. It is essential for readers to independently assess and make their own investment decisions, taking into consideration their personal financial situation and risk tolerance.