Pre-Open Commentary | Aug 29, 24
Condensed Insight Before the Bell.
Key takeways:
We have some movement and changes. Specifically profile changed to bearish after yesterday’s NVDA action - which I have to say was not really spectacular. As I mentioned, people were expecting fireworks but I think this is not the driver at the moment.
Ok, so because profile turned bearish I will reduce midterm long just by 1/4. I still don’t see this movement as a real danger for bulls; unless we get clear TrendPhase signal.
Also if we look at vol cycle bands, price broke up to “the next floor” and now ticked support for several times.
Today is GDP data which will not change macro model score - PMI might do it in a few days.
Intraday, again, looking for confirmations to the levels as signal=0 so no help from intraday TrendPhase.
Resistance: 5619(minor), 5630 (important)
Support: 5517
Notes/Observations/Issues:
Pre-Open Commentary distills key takeaways from the analysis of the London GEX and Structure posts and also serves as my personal journal (sort of).