NEW Indicator + Thursday Market Brief

What’s going on traders. Back again with another market brief.

Before we begin, we just released another amazing TradingView indicator for premium members — our all-new Qwave!

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Alright alright…let’s dive into the report!

Impact Snapshot

  • Initial Jobless Claims in the US decreased by 10K in the week ending August 19

  • Durable Goods Orders in the US fell at a stronger pace than expected in July

  • NVDA stock soars to record high after posting stunning revenue surge. 

  • Earnings:

Market Evaluation

Nvidia’s update, along with the AI stock frenzy, are punctuating a week that’s seen broad equity-market gains and renewed risk taking by investors.

Shares of Nvidia jumped, lifting tech shares around the world, after the company forecast quarterly revenue that smashed expectations and announced a $25 billion buyback.

Second-quarter revenue doubled from $6.7 billion a year ago to $13.51 billion. Net income jumped 422% from $656 million to $6.119 billion.

As bond yields increased and traders considered conflicting economic data while anticipating Jerome Powell's speech on Friday, the massive tech gain began to fade.

European stocks hit one-week highs, while Japan's Nikkei closed in green for a fourth straight session.

China stocks rebounded as some investors bought the dip following recent slumps.

Next in focus will be the gathering of top central bankers at Jackson Hole, with Federal Reserve Chair Jerome Powell’s speech due Tomorrow.

Pay attention to the FED CHAIR POWELL speech at 10:05AM ET.

Markets Breakdown

Yesterdays session was quite eventful. Bulls managed to claim 4428 level which played a pivotal role for this leg on the upside and would trigger the upside continuation as we’ve posted on our overnight session plan on Twitter here.

After finding support at 4428 bulls rotated towards the next resistance of 4444 which they managed to breakout from. Pay attention to the amount of volume that occurred on this level.

Strong volume is needed to confluence a successful breakout and showcase the importance of that level. As always, when a key area of resistance gets broken, it is automatically the key zone we will be looking at when the pullback occurs.

Price consolidated above 4444, further indicating buyers defending the zone and at the closing hours, we hit the second target after the NVDA earnings report at 4459.

In today’s session for ES, the overnight session opened with a gap on the upside which quickly filled up.

The plan we’ve posted on Twitter early hours hit the bearish targets of 4443/4429 after a successful breakdown from 4458 with strong volatility entering the markets at the NY open. Bulls want to hold the 4458 as support in order to start re-taking the key zones above.

ES

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

  • Main pivot: 4458

  • Upside Levels: 4443/4458/4497

  • Downside Levels: 4409/4403/4393

That’s all we got today.

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We’ll see you on Sunday.

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.