Market Outlook 03/09/2023
Daily timeframes show markets are stuck in a chop zone between 200 MA and 20 MA as the next longer timeframe direction is set. SPXTrader Atlas’ key weekly close level is /ES 4025 (+/- 7 points) and /NQ 12440 (+/- 25 points). As market wait for NFP data on Friday, these closing levels should determine the bias for early next week.
Hourly charts show failure to breakout from channel and reversion back towards the channel mid resting around support zone.
Markets are expected to be range-bound as we await NFP data on Friday morning. Broader support zone /ES 3945-55 and resistance zone /ES 4004-4015
Be safe out there
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SPXTrader