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Market Review:
The Weekly Trend
This may have been something you did not expect to think of before the NVDA earnings report. Last week's high was 4517.75. At this point the market has already traded higher than the previous day's high for the fourth day in a row. Wednesday's high in the ES was 4476.25. Overnight trading has seen Thursday's high already pushed to 4485.50. However, the market is back down below the open at 4470.50. If we approach the cash open in this condition, we may get to see the "day" market attempting to break above 4476.25. If that occurs, the overnight market has already given us a target price of 4485.50. Nothing is assured, but a little advance scouting never hurts. Keep an eye on three numbers. The open at 4470.50. The high from Wednesday at 4476.25, and the overnight high from last night, 4485.50.
The 46th Jackson Hole Economic Symposium is ongoing. FOMC Chair Jerome Powell is due to speak at this event on Friday Aug 25 at 10:05am ET. The documents for this speech and other materials can be viewed at http://kansascityfed.org at the time of the speech.
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