Flat is to be expected
Added 2024-06-06 20:10:33 +0000 UTCAfter reaching all time highs, market expected to trade flat or consolidate for a period of time. NFP data tomorrow 830am. The Federal Reserve's dual mandate is to achieve maximum employment and keep prices stable. Most of this week's run up was party $NVDA reaching 1255 ATHs today, and also slowing jobs data reported by JOLTs, ADP, and today's initial jobless claims was hotter than expected.
533 acted support today although we like to see prices come lower before the highly anticipated CPI release + FOMC event next Wednesday. I would definitely expect some more choppy action.
$SPY Weekly Candle looks great and can possibly close the week at ATH levels.
Good luck!
