Hi everyone,
Hope you’re taking advantage of the trade ideas we write in our newsletter. Even if we don’t take all of them, because we can’t be in everything, many do very well.
ERO 0.00%↑ for example from TMAD weekly letter a couple of weeks ago. You had 2 changes to play that $33 level. First breakout on August 7, or retest of the breakout and continuation on August 20.
You also can see names like these on scanner or under SCORE and choose a couple that have the best technical setup. Or we post many of them for you here.
Let’s look at SPX levels and what’s happening in the market this week and best looking setups for this week.
Market Update
This week’s main event is Jackson Hole, and NVDA earnings on Wednesday, but markets will mostly focus on any clues about rates/inflation from Fed Chair Kevin Warsh’s keynote on Friday, Aug. 28 at 10 a.m. EDT (his first as Chair).
Markets are pricing a possible 25 bp hike by December, and Warsh has been light on forward guidance so far. Other central bankers will also speak.
Last week S&P 500 was down roughly –1.4%, Nasdaq harder-hit (~–2% to –2.5%). Triggers included U.S. debt crossing $40 trillion, fiscal concerns, and some Treasury buyback talk that initially helped but faded. Tech/growth (long-duration assets) sold off most; equal-weight held up better than cap-weighted.
Rotation so far has favored:
