Weekly Outlook + Daily Plan 3/27/23

Good morning traders!

Last week was eventful yet we still remain rangebound inside the value area noted last week which will be updated below.

FOMC went as planned as the FED hiked by 25bps bringing S&P down from 4040 to my 3951 target.

The very next day we saw improvements in PMI data which was noted in the telegram.

Other than some selling in IB, S&P drifted right back up and now gapping up to 4030 at the time of this post.

We have yet to have a catalyst take prices out of this range and with 3 days of no releases I will again look for this range to hold. One positive I will be on the lookout for is if tech remains firm with a clean break of recent highs. Just take a look at what % changes we saw last week:

NVDA +5.15%

GOOGL +4.91%

AMD +4.31%

MSFT +3.31%

AAPL +3.17%

TSLA +2.89%

NQ +2.33%

AMZN +2.07%

ES +0.84%

DXY -0.20%

Other than updating if the value area expanded, there is nothing to add to this range. All factors at play have been noted and we still have yet to see a break of either side. Until then I will look for shorts at upper end of range and longs at lower end.

The first half of the week will be about patience, as we wait for range high or low to be hit. It is in my best interest to avoid trades in the middle of this range as I expect there to be a lot of choppy waters.