May 3rd, 2024

Apple Bottoms. Nothing brings the bulls back to the table like a rally in Apple. The market loves leadership by Apple, and when it’s up, the indexes are hard to fade. NFP numbers added fuel to the rally this morning as the US economy added 175,000 jobs in April, BELOW expectations of 238,000. The unemployment rate ROSE to 3.9%, above expectations of 3.8%. Yes, below expectations are bullish because it indicates the possibility of rates coming down. ZN ripped on the number, taking 10 YR Yields to the lowest they’ve been in a few weeks. All of this is a recipe for a trend day higher as the bears really have nothing to lean on to spark momentum back down.

My weekly support and targets remain the same. With ZN and RTY already hitting their weekly targets this morning, that probably indicates it’s just a matter of time before the ES and NQ reach their targets.

ES 5090 is key support. Weekly target is 5186.

NQ 17,550 is key support. Weekly target is 18,055.

RTY 1977 is key support. Weekly target is 2050.

ZN 107’26 is pivotal support. Weekly target is 109’06.

I’ll be live next Monday on Discord at 4pm ET. I will discuss valuable strategies on how to thrive and build resilience as a trader in the challenging market environment of 2024. I will also be taking your questions live on the stream. Register for the event here.

As my brother PAX always says, it’s Capital Preservation Friday. Be smart, manage your risk, but don’t be afraid to take from the market if it’s giving you what you want to see. Wishing you all a wonderful weekend! 

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