Trading Week Ahead: What to Watch Out For + Levels 8.22.2023 - Support & Resistance Levels

Support & Resistance Levels

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Trading Week Ahead: What to Watch Out For + Levels 8.22.2023

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 The Week ahead: Earnings Blowout! or Blow UP?

by John Thorpe, Senior Broker


With over 500 companies reporting earnings this week it is near the end of the reporting season. The market will focus Wednesday on the elephant in the room, Nvidia (NVDA Nasdaq).

The boom in Nvidia’s AI-focused business has increased more than 200% year to date, giving it a $1.1 trillion market valuation. Watch for the NQU23 to dance around in a range until AFTER Wednesday’s cash market close.

EPA Estimates are +$2.07 . future guidance will be big for the “internet Index” as AI has been leading the way and Nvidia is the leading GPU maker in the space.

BUT WAIT! that’s not all for the week,  it’s time for the Annual “Jackson Hole” conference, a 3 day meeting of top bankers and the FED.

Friday morning @ 10:00am CDT Jerome Powell will set the tone with a speech that could provide a case for the Feds next Fed Rate decision September 20-21st. This is an important meeting next month as it also sets projections by the FED members for GDP, Unemployment rate, Inflation for each year 2023,2024 and 2025.

Watch for increased volatility in the stock indices the last half of the week!



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#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

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This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

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