All Eyes (and SPX Next Move) On Jackson Hole Tomorrow: August 26th Plan
In yesterday’s newsletter, I wrote: . “I am holding my long from this afternoon still with my lean being we back-test 4175 and likely all the way to 4200 this week”. It was a perfect day of follow through, spending most today basing at 4175 1st target, with a late day push to 4200 second target. For now though, all that matters is Jackson Hole meeting tomorrow, where Powell speaks at 10am EST
This meeting can sometimes function like an FOMC/Fed meeting day in terms of market impact/volatility. Last years saw 35+ point squeeze right after Powell spoke, that then continued a few days into the next week, where ES then began a month long sell-off. These types of catalyst driven days are notoriously trappy/poor for trading. To make matters worse/more complex, ES is sitting at *major resistance* now at the 4200-4230 level.
In today’s newsletter, I’ll briefly go over how I traded today relative to yesterdays plan, talk how I trade news heavy days including tomorrow, then talk plan for what could be a very tricky day setting up September