Trader Worksheet 3.16.23
Yesterday’s trading action on SPX and really equities at large seems to make more sense now given that Credit Suisse was bailed out last night.
The proverbial “phone a friend” was used via the Swiss National Bank and just like that, we’re back!
$3920-$3928 are key today for sell-side control but it is OPEX tomorrow and I know that some of you that use the magic indicator packages don’t take that into account, but it matters.
Plus, there’s a lot going on today with data:
Unemployment claims
Philly Fed
Building Permits
Housing Starts
And……wait there’s more
ECB RATE DECISION
There’s a lot of views with this ECB rate decision because it likely tips the hand to what the Fed does at their upcoming meeting:
Scenario 1: They pause to allow some ‘breathing room’ for the financial sector = markets rally
Scenario 2: They stay on course = we sell off
Now here is what I don’t want to do: I don’t want to sit there like a degenerate with my finger on the mouse ready to click at the sign of any move.
What I really want to do is this -