Mr. Fibs - 3/8/23 Market Analysis

Another Day of Powell and Congress

Good morning traders. Today we have our second day of Jerome Powell speaking with Congress, beginning at 10:00 AM EST. What differs today is that we also have JOLTS data coming out simultaneously. JOLTS stands for job openings and labor turnover survey. This is the first major data release from the Bureau of Labor Statistics this week, the second being Non-Farm Payroll. If you are managing swings or day trading early in today’s session, please keep this in mind and size accordingly.

Yesterday’s price action followed our plan and levels perfectly. Once we got below the main pivot levels I gave the premium subs at the beginning of the week, we saw a pretty sizeable selloff. As I write this premarket, SPY 0.00%↑ is trading right by the previous day's close. The main zone I will be watching today is between 398.25 and 398.60. If you want access to my full analysis and zones for premium subscribers, make sure to upgrade to monthly or yearly subscriptions.

The key things I will be watching for with Powell speaking to Congress and NFP on the way are whether or not the market and traders believe in the same Phillips Curve that the FED is focused on to bring down inflation. The Phillips Curve is an economic theory that inflation and unemployment have a stable and inverse relationship. Yesterday, Elizabeth Warren did highlight part of this conversation yesterday and I am curious to see how the rest of it plays out with data around the corner and another day of statements before Congress. Video

Today’s Levels and Analysis

SPY 0.00%↑