Muted Session Ahead of CPI Data: Daily Plan for August 11th
Given the jump in the VIX, monitor the downside gaps for both the SPX and NDX.
U.S. equity markets closed muted today, with technology shares pulling back slightly from the record highs set last week. A cautious tone has settled in ahead of crucial inflation data arriving this Wednesday. Compounding this, renewed anxiety regarding Middle East geopolitical tensions in the Strait of Hormuz, along with a 5% surge in oil futures, added macroeconomic headwinds to the mix.
Upcoming Economic Updates:
Over the weekend, the Weekly Compass highlighted underlying caution in several technology names, including select “Magnificent Seven” stocks and semiconductors. For instance, in the Setups Blueprint, AMD appeared as bearish and fell -2.9% today. Conversely, SpaceX (SPCX) was highlighted as bullish and jumped 4% today, aligning well with Saturday’s technical analysis. Walmart (WMT) and gold (GLD) were expected to move in the green zone, and they began the week constructive, matching expectations. LLY was bullish in the Blueprint, keep an eye on that one using the levels since the spike looks constructive.
As we are early in the week, the Weekly Compass continues to serve as our primary navigational guide, these daily updates provide specific price daily levels to watch: Tesla (TSLA) is trading bullishly as expected, today’s shooting star Microsoft (MSFT) is consistent with a potential consolidation, the indecisive price action on Google (GOOG) matches with the thesis noted in the Compass, let’s study all the magnificent seven, including the bearish move for Apple (AAPL) and Nvidia (NVDA).
The Weekly Compass is here:
Navigating Volatility: Key Levels as the VIX Jumps 4%
Reviewing today’s key levels, the anticipated central daily level for the S&P 500 (SPX) was 7,746, with expected resistance at 7,774. True to form, the high of the day reached 7,773.8 before reversing. As mentioned previously, these levels serve as effective tools for tracking where institutional algorithms can react. For the E-mini S&P 500 futures (ES=F), the anticipated central daily level was 7,763, with resistance pegged at a monthly and daily confluence zone of 7,799 to 7,800. The session high hit that zone before reversing at 7,798.
Looking ahead to tomorrow, let’s assess the daily levels for both the SPX and ES=F plus the entire Magnificent Seven (AAPL, GOOG, TSLA, NVDA, MSFT, META, and AMZN) alongside SpaceX (SPCX). Because each name presents distinct technical conditions, their collective movement will dictate the next broader market leg. The tracking for SpaceX (SPCX) follows the anticipated bullish call since last week
Let’s map out the precise bullish-above and bearish-below thresholds for tomorrow, combining them with weekly levels to anticipate key confluence zones. Upgrade to the paid plan to unlock this analysis and all exclusive content at SmartReversals.com.
SPX and E-mini Futures (ES=F), Daily Plan:
Before covering all the Magnificent Seven and SpaceX, let us analyze the levels for these two: