To many, the past week may not have felt all that positive what with the seemingly range bound market and Jerome Powell’s Jackson Hole speech laying out more rate hikes ahead as the Fed struggles to win the battle over inflation. However, the S&P 500 eked out a win as it finished the week in the green.
Led by the usual suspects, tech, discretionary, and services, the market seems to be rebounding back from the declines we have been seeing throughout the past couple weeks. Names like Tesla (TSLA) showed some promise after holding a pretty key zone of support, as well as Nvidia (NVDA), which reported blockbuster earnings thanks to the continued hype surrounding AI.
As for the week ahead, we would want to see these same sectors push higher if the market climb is to continue. After Nvidia’s earnings the market did take a bit of a spill, however, Friday gave us some hope as we got a bit of a turn around. This should help to give us some positive momentum as we make our way into the fresh trading week ahead.
As you look across all the major indexes, they seem to be telling a similar story, reversal. Keep an eye on these key sectors to see what the week could hold for us. If they lose strength, the lower we go, but if there is strength in these sectors, look for the market to push higher once again.
Looking for more options trading action? Get all that and more when you join The Profit Machine trading community today. There you’ll see exactly how my students and I trade various types of stocks, not just ETFs! The Profit Machine is my premier service where I teach my students how I trade options on wherever opportunity presents itself.
As you learn, you’ll get exclusive access to all my trades with notifications any time one is put on. Now, you can learn how many use this high-income skill to achieve financial freedom all while you make some extra scratch on the side. Join today and as always…
Good Luck With Your Trading!
Christian Tharp, CMT
This post was originally published on
