S&P 500 Daily Plan: Navigating a Packed News Day
With PPI and Fed Speakers on Deck, Here's the Conditional Long at 6470.25 and the A+ Support Zones at 6431.75 and 6425.00.
Good morning, everyone. Today is Thursday, August 14th, and it is a "red tag" news day. We have Core PPI pre-market at 8:30 AM ET, followed by a parade of speakers—FOMC members starting around 10:00 AM and President Trump at 1:00 PM. With people talking all day, we can expect reactionary comments to the inflation numbers and potential for volatility throughout the session.
The market has drifted in balance all evening, digesting yesterday's higher prices while waiting for this morning's catalyst, leaving the overnight inventory relatively neutral. Now, let's get into the levels and figure out our game plan.