Weekly Wisdom: Cuts Coming, but How Much?

Greetings fellow traders and welcome to your August 26th edition of Weekly Wisdom: Levels to Know and Moves to Look For!

Now let's get to what we're currently seeing in these volatile markets and what we have our focus on going forward.

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Here's what we are eyeing this week, August 26 - August 30:

Level Highlights:

• $SPX futures started the week off pushing higher but have since stalled out the fierce rally that took place over the past couple of weeks.??
• $SPX futures made the high for the week on Thursday morning at 5664, but have since rolled back over to test the 5600 level, with the low for the week coming Monday morning down at 5565.??
• We mentioned last week that bulls may need to utilize some patience before looking for a real leg higher, and so far this has played out well with a daily bull flag forming for $SPX futures now.
• Traders are eagerly awaiting any commentary from Powell and Jackson Hole, likely to come on Friday, with many wondering if the Fed is acting too slow to cut interest rates.?
• Should further weakness continue from Thursday, support below for $SPX futures comes at 5575 and 5530.?
• Bulls still have a decent amount of breathing room and should only really be discouraged on a close back under 5480, but a close back under 5525 should also be taken as a warning sign.??

Upcoming News:

• Monday, August 26, the start of the last trading week for the month of August, starts off with durable goods orders m/m and core durable goods orders m/m at 8:30 a.m. ET.??
• Tuesday, August 27 brings the update for CB consumer confidence and the Richmond Manufacturing Index at 10:00 a.m. ET.??
• Wednesday, August 28 does not deliver any meaningful new data.
• Thursday, August 29 starts off with weekly unemployment claims, as well as prelim GDP q/q, prelim GDP price index q/q, the goods trade balance, and prelim wholesale inventories m/m all at 8:30 a.m. ET. These are followed by pending home sales m/m at 10:00 a.m. ET.??
• Friday, August 30 ends the week with PCE and core PCE price index m/m, as well as personal income and personal spending m/m at 8:30 a.m. ET. These are followed by Chicago PMI at 9:45 a.m. ET. Then, we’ll see the latest for University of Michigan consumer sentiment and inflation expectations at 10:00 a.m. ET.?

Want to Trade With My Team? Click here!

-Patrick Hawe

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Disclosures

Patrick Hawe's current positions:

*As of 2:23pm ET August 22, 2024

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