S&P 500 Daily Plan: Navigating Powell, Trump, and the Jackson Hole Chop
With the Market in Balance, Here's How to Trade the Key 6412.00 Pivot and the Major Confluence Zones Below.
Scheduled News:
Good morning, everyone. Today is Friday, August 22nd.
We don't have economic news today, but we have a slate of big "red tag" speaker events that are sure to cause some market gyrations. We've got Fed Chair Powell speaking at 10:00 AM ET, President Trump speaking at 12:00 PM ET, and Day 2 of the Jackson Hole Symposium all day. This is essentially the roundtable of the world's financial leaders, and their words carry immense weight.
Yesterday, we had a fantastic short from the high at 6412.00 that took us all the way down to 6370.00. The market finally dipped lower last night, playing the same daily level from Wednesday at 6364.00, which has officially held the low. Now, we find ourselves back in the middle of balance, making today extremely difficult to call. Let's get into the levels.