Market Sentiment: Neutral
Trading Plan for Friday
Supports to Watch:
Immediate Supports: 5093, 5087, 5078-80 (major), 5066, 5058 (major), 5052, 5041-41 (major), 5031, 5028, 5018-22 (major), 5013, 5009, 5004, 4998 (major), 4988 (major), 4976, 4965, 4956-69 (major), 4947.
Resistances to Monitor:
Key Resistances: 5100-02 (major), 5108, 5113, 5120-24 (major), 5131, 5140 (major), 5150, 5155-57 (major), 5163, 5170, 5179-81 (major), 5188, 5196, 5200 (major), 5210 (major), 5214, 5220-25 (major), 5232, 5240 (major).
Trading Strategy:
Capital Preservation Friday: Prioritize capital preservation over aggressive trading today.
Limited High-Quality Setups: The market's recent price action limits the availability of clear, high-probability setups. Exercise caution and selectivity.
Disciplined Trading Within the Range: The 5108-5066 range defines the current market; employ disciplined, level-to-level trading strategies within this range.
Creative Approaches: The established range will require creativity in identifying trade opportunities.
Bull Case:
Trend Continuation: The bull market remains in control. Short-term focus is on the 5078-80 support level. Holding above this level primes ES for a breakout of the ongoing bull flag, targeting 5120-24 and potentially moving toward new all-time highs (5140, 5155-57).
Adding on Strength (Cautiously): Look for opportunities to add to positions, but proceed carefully due to limited visibility on setups. Overnight flagging above 5087, while remaining below 5113, may offer a constructive setup for direct upward movement.
Bear Case:
Support Failure: Breakdowns below 5078-80 trigger the bear case. Expect retests of the support level and consider shorting on failed bounces around 5076.
Breakdown Trades: Breakdown trades are risky (low win-rate, high reward potential). Proceed with caution or consider avoiding these setups if you find them unsuitable.
In Summary: Prioritize capital protection today. Maintain awareness of the trend but focus on trading within the established range using disciplined and creative approaches. If 5078-80 support fails, a potential shift in dynamics may require adjustments to your trading plan.
Top News for March 1, 2024
KeyCorp Earnings Calls Scheduled: KeyCorp has announced its schedule for quarterly earnings conference calls throughout 2024. Investors can access live audio webcasts via the company's investor relations website.
Biodesix Reports FY2023 Results: Biodesix, a leading diagnostic solutions provider, has released its financials for Q4 and FY2023, highlighting substantial growth in Lung Diagnostic test volume and a solid gross profit margin. The company projects significant total revenue growth for 2024.
Fox River Corporate Update: Fox River Resources Corporation has provided progress updates on its ongoing projects for 2024, including Battery Supply Chain Initiatives and Pilot Plant Phosphoric Acid Tests.
Financial Rule Changes Effective March 2024: Key financial changes are set to take place in March 2024, including GST rule updates, FASTag deactivation, and bank holidays. Additionally, the fiscal year 2023-24 will close on March 31.
Vanguard CEO Transition: Vanguard's CEO, Tim Buckley, who oversaw massive asset growth during his tenure, is stepping down.
Lordstown Motors Settles with SEC: Electric-truck maker Lordstown Motors has reached a settlement with the SEC regarding disclosure issues surrounding its SPAC deal.
Nasdaq Hits Record High: The tech-heavy Nasdaq composite index closed at an all-time high for the first time in over two years.
Dell's Outlook Boosted by AI Adoption: Dell's shares rose in response to bullish annual forecasts driven by increased demand for AI-optimized servers. This indicates AI adoption is a significant growth factor for enterprise technology suppliers.
Brazil's Q4 GDP Flat: Brazil's GDP in the fourth quarter of 2023 unexpectedly showed zero growth, missing market expectations slightly.
New York Community Bancorp Shares Fall: Shares in NYCB have declined due to the discovery of 'material weaknesses' in its loan review processes.
Disclaimer: Remember, this analysis serves an educational purpose; it should not be taken as financial advice. Always consult a financial advisor before making any investment or trading decisions.
Trading Plan for Friday
Supports to Watch:
Immediate Supports: 5093, 5087, 5078-80 (major), 5066, 5058 (major), 5052, 5041-41 (major), 5031, 5028, 5018-22 (major), 5013, 5009, 5004, 4998 (major), 4988 (major), 4976, 4965, 4956-69 (major), 4947.
Resistances to Monitor:
Key Resistances: 5100-02 (major), 5108, 5113, 5120-24 (major), 5131, 5140 (major), 5150, 5155-57 (major), 5163, 5170, 5179-81 (major), 5188, 5196, 5200 (major), 5210 (major), 5214, 5220-25 (major), 5232, 5240 (major).
Trading Strategy:
Capital Preservation Friday: Prioritize capital preservation over aggressive trading today.
Limited High-Quality Setups: The market's recent price action limits the availability of clear, high-probability setups. Exercise caution and selectivity.
Disciplined Trading Within the Range: The 5108-5066 range defines the current market; employ disciplined, level-to-level trading strategies within this range.
Creative Approaches: The established range will require creativity in identifying trade opportunities.
Bull Case:
Trend Continuation: The bull market remains in control. Short-term focus is on the 5078-80 support level. Holding above this level primes ES for a breakout of the ongoing bull flag, targeting 5120-24 and potentially moving toward new all-time highs (5140, 5155-57).
Adding on Strength (Cautiously): Look for opportunities to add to positions, but proceed carefully due to limited visibility on setups. Overnight flagging above 5087, while remaining below 5113, may offer a constructive setup for direct upward movement.
Bear Case:
Support Failure: Breakdowns below 5078-80 trigger the bear case. Expect retests of the support level and consider shorting on failed bounces around 5076.
Breakdown Trades: Breakdown trades are risky (low win-rate, high reward potential). Proceed with caution or consider avoiding these setups if you find them unsuitable.
In Summary: Prioritize capital protection today. Maintain awareness of the trend but focus on trading within the established range using disciplined and creative approaches. If 5078-80 support fails, a potential shift in dynamics may require adjustments to your trading plan.
Top News for March 1, 2024
KeyCorp Earnings Calls Scheduled: KeyCorp has announced its schedule for quarterly earnings conference calls throughout 2024. Investors can access live audio webcasts via the company's investor relations website.
Biodesix Reports FY2023 Results: Biodesix, a leading diagnostic solutions provider, has released its financials for Q4 and FY2023, highlighting substantial growth in Lung Diagnostic test volume and a solid gross profit margin. The company projects significant total revenue growth for 2024.
Fox River Corporate Update: Fox River Resources Corporation has provided progress updates on its ongoing projects for 2024, including Battery Supply Chain Initiatives and Pilot Plant Phosphoric Acid Tests.
Financial Rule Changes Effective March 2024: Key financial changes are set to take place in March 2024, including GST rule updates, FASTag deactivation, and bank holidays. Additionally, the fiscal year 2023-24 will close on March 31.
Vanguard CEO Transition: Vanguard's CEO, Tim Buckley, who oversaw massive asset growth during his tenure, is stepping down.
Lordstown Motors Settles with SEC: Electric-truck maker Lordstown Motors has reached a settlement with the SEC regarding disclosure issues surrounding its SPAC deal.
Nasdaq Hits Record High: The tech-heavy Nasdaq composite index closed at an all-time high for the first time in over two years.
Dell's Outlook Boosted by AI Adoption: Dell's shares rose in response to bullish annual forecasts driven by increased demand for AI-optimized servers. This indicates AI adoption is a significant growth factor for enterprise technology suppliers.
Brazil's Q4 GDP Flat: Brazil's GDP in the fourth quarter of 2023 unexpectedly showed zero growth, missing market expectations slightly.
New York Community Bancorp Shares Fall: Shares in NYCB have declined due to the discovery of 'material weaknesses' in its loan review processes.
Disclaimer: Remember, this analysis serves an educational purpose; it should not be taken as financial advice. Always consult a financial advisor before making any investment or trading decisions.
