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SPY Is Breaking Key Levels. Plus, Energy Options and Levels, and 2 Day Trades!

by | Aug 31, 2023

Though the action this morning is mostly random, the Nasdaq is showing some follow-through on Wednesday’s rally…

And it’s a BIG day for the market because we’re going to have the Personal Income and Outlays (PCE) report, which the Federal Reserve looks to for its inflation metrics. 

The PCE Price Index showed a year-over-year reading of 3.3%, in line with expectations. 

Core PCE YoY came in at 4.2%, also in line with expectations, which means the S&P 500-tracking SPY ETF could rally to $458. 

We’ll also have some Fed governors speaking this morning, so it’s a big day for data.

Aside from that, the SPY looks ready to break out, as does the Dow. But I’m still a little skeptical about this rally because small-caps stocks (IWM) aren’t participating. 

So until small caps break out, I don’t expect a major rally… 

I’ll cover all that and more in this morning’s Premarket Must Watch video! 

In today’s all-new briefing, I’ll also go over if the S&P 500 and QQQ will break upside resistance… if bonds will break down or continue trading higher… today’s Fed report and its impact on inflationary pressure… key momentum levels on a few sectors… which sectors are in play today and why… two day trading stocks complete with entry levels and warnings… and don’t forget to click the bell to get notified when we post and go live!

P.S. Check Out How the King of Overnight Movers Does It

If you didn’t already know, TradingPub Options Strategist Lance Ippolito is the king of unusual options activity and finding overnight movers…

Even better, he’s developed an amazing track record of pinpointing gains all the way up in the triple digits — overnight! How does he do it? 

Not with chart patterns, technicals or fundamentals… no, no, no!

It has everything with Lance’s unique trading style, and getting ahead of big, breaking news stories before they hit the wire. 

Check out the link below to see how Lance does it…

Get Ahead of the Next Big Move

WRITTEN BY<br>Roger Scott

Roger Scott

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