Key insights
- The analysis focuses on the S&P 500 ($ES) level of 6825 as a key indicator for bullish momentum. Staying above this level suggests further price discovery. Upcoming Fed minutes and inflation data will be crucial. Individual stocks are approaching areas of previous supply, and clearing these levels could also boost momentum. Global indices are recovering from March declines, providing reference points for price action.
Tracking $ES 6825 and whether it likes going above and staying above there for momentum
Anything below likely suggests price discovery through out the week amidst Fed-Minutes and inflation numbers
Individual stocks currently at a location where there was strong supply previously - clearing overheads boosts the odds of momentum. Would likely take some time to reshuffle inventory vs right out the gate bullish. But, tracking ES 6825 for the same
Indices worldwide close to paring off March’s excursion lower and most stocks have a price shelf lower as reference points