After the Close: September 12, 2023

Candle Ranges (daily, points)

MonTueWedThuFri
ES2431.75
NQ158.75175
GC9.17.8

Economic News

  • None
  • Tomorrow: CPI

Observations

  • ES (S&P 500 Index Futures)
    • Push-pull day that ultimately closed below yLoD. All eyes on CPI number tomorrow and how market will react to it.
    • Great video from ShadowTrader highlighting the divergence between XLK (Tech, down 1% from open) and XLF (Financials, up 0.7% from open). This divergence in sectors is resulting in the push-pull type trading in the S&P.
  • NQ (Nasdaq 100 Index Futures)
    • Started selling off at 10am, held yLoD, but couldn’t recover past the opening print and ultimately sold off, closing below yLoD.
  • GC (Gold Futures)
    • Broke the 1940 support level during overnight trading, found support at 1931 and hit resistance at 1938.
  • Stocks
    • Nvidia (NVDA): hourly chart in a downtrend with a resistance trendline (starting from 9/8) being respected – $442 is a key support level
    • JP Morgan Chase (JPM): solid hold at $144, rallied up to the weekly up trendline that had been broken last week, found resistance at that trendline.
    • Apple (AAPL): selling off all day, broke through and found resistance at $178 on the hourly chart. Watching for hold of $173.5 if selling continues.
ES & NQ Sep 12, 2023
ES & NQ Sep 12, 2023