our trading plan this week 📜 - Tuesday Brief

September 12, 2023

Mornin’ traders.

We’re back in your inbox with another juicy market update.

We breakdown important levels to watch and how we’re trading the markets this week.

Let’s get into it…

Impact Snapshot

  • Today - Apple’s iPhone event

  • Tomorrow - US CPI Inflation Data

Market Evaluation

The stock market has retreated on the early hours, while the dollar rebounded as investors geared up for a key inflation report that’s expected to bring more insights on the outlook for the Federal Reserve’s next steps.

European stock markets were lower on Tuesday, paring earlier gains as investors monitor a busy week for economic data.

Asia-Pacific markets mostly fell Tuesday, after Wall Street saw a tech rally led by Tesla and Qualcomm.

Concerns about inflation have been re-ignited by soaring oil futures. While the commodity pulled back slightly on Monday, it is once again resuming its ascent on Tuesday.

We’ve mentioned several times thru our posts about the “low volume" due to big players not having a position in the market during the vacation season. We can now observe an obvious increase in both OI and Volume in the markets which will play a pivotal role for the next direction.

All eyes on CPI inflation report tomorrow which will pave the way to the next directional move with PPI on Thursday giving the bigger picture of the situation.

Markets Breakdown

Yesterday’s RTH session opened above the key zone we’ve highlighted as a resistance that needed to be flipped as clear support in order for continuation to the next range.

Buyers aggressively pushed the prices towards 4543 which saw a rejection that led to downside continuation, around QV’s pivot at 4519.

The whole session ranged between the initial balance hours with an extension to the downside on the D period. 

The market started to re-gain strength and with the addition of volume, managed to break out and hold the key level of 4535.

The reason we’ve marked this zone as a key level was it’s ability to offer strong reactions once it’s reached.

Pay attention to the upside range that formed on the closing hours. You can see this zone we’ve marked offered a bounce 3 times.

The volume profile on the left side can showcase that zone was the perfect bottom of this upside range formation at the closing hours.

These are the type of reactions we are expecting when we point out key zones to observe.

ES

The plan for ES remains the same with the following continuation targets. These are the targets we will observe for the rest of the session going into tomorrow.

  • Main pivot: 4522

  • Upside Levels: 4532,4545,4563

  • Downside Levels: 4508,4488,4459

That’s all we got today.

Let us know what you think about the market right now!

We’ll see you Thursday.

-The QuantVue Team

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