To The Moon

“April is a moment of joy for those who have survived the winter.” –English writer Samuel Johnson.

⚠️ Trading tips: MNQ needs to break 18624 for big tech to push higher this week. As expected, traders are waiting for Jerome Powell to pump the market higher this week. Another opportunity this coming Wednesday at 12:10pm. Go for dip buy, go for SPY 🤑 

MNQ gapped up, can we sustain it?

On Good Friday, which was a trading holiday, the core personal consumption expenditures price index—the Federal Reserve's favored inflation gauge—showed a deceleration in February.

Later, Fed Chair Jerome Powell said at a San Francisco Fed conference that it was "good to see something coming in line with expectations." Friday also marked the end of a stellar first quarter for Wall Street, with the S&P (SP500) surging about 10% and delivering its best Q1 since 2019.

The S&P 500 has a strong support area at 5,050-5,180, an area where the index traded
in late February and early March. There are multiple support levels beneath that level as well, but a close below 5,050 would be viewed as quite negative by many traders, and would expect that sell signals would emerge from indicators if that happened.

MES is much stronger, broke ATH 💪

Market participants are looking ahead to the "jobs week" for clues on the labor market. The latest Job Openings and Labor Turnover Survey (JOLTS) is scheduled for Tuesday, followed by ADP's private employment report for March on Wednesday.

The main event will be Friday's U.S. non-farm payrolls data, with economists expecting an addition of 216K jobs in March. That would mark a deceleration from the 275K additions in February. 

In terms of Federal Reserve speakers, the spotlight will be on central bank chair Jerome Powell who will be delivering a speech on economic outlook at a Stanford forum on Wednesday.  

Jobs, JP & NFP to move market 😉

🚨 Subscribe to my trade alerts via Trading Sparks. Please click Like 👍, Comment 💬 & Repost 🔄 this article found at the bottom of your screen. Follow me for the latest news, trading ideas & strategies to ride the market daily with profits!