ES Weekly Levels (Mar4-8)

On Friday, U.S. stocks surged to record highs, driven by a technology stock rally focused on AI. The Nasdaq achieved its second consecutive closing record, led by AI-related firms like NVDA and META. February marked the fourth consecutive month of overall gains, primarily attributed to AI and positive effects on semiconductor stocks. NVDA reached a $2 trillion market value for the first time, while AMD also hit a record high. Investors are cautiously monitoring potential Federal Reserve interest rate adjustments. Despite some economic weaknesses, signs of a rebound were seen, contributing to lower U.S. Treasury yields. Weekly results: SPX up 0.95%, NDX up 1.74%, DIA 0.11%. This week we look ahead to a slue of employment data including Nonfarm Payrolls on Friday.

SUMMARY

• ES had a weekly gain of 0.86% after trading in a wide range of 89 pts.
  
• ES made another week ATH high
  
• R1 = LTF 1.618 Fib X (5147)
  
• R2 = HTF 1.13 Fib X (5231)
  
• S1 = MTF 1.618 Fib X (5120)
  
• S2 = 9 ema (5074)
  
• Uptrend remains intact above the upward trendline.
  
• Data weak enough to keep rates down but strong enough for earnings growth
  
• Market believes election year will provide support
  
• Key earnings reports = TGT, COST, AVGO, KR, RIOT, NIO, ROSS & JD
  
• Key econ data = PMI Tuesday, Boc Rate Decision Wed, Powell on Thursday & NonFarm Payrolls Friday
  
• Bias remains LONG absent any new information
  
• Limited resistance levels above make large whole number very important.
  
• Watch for small cap growth to finally take off.
  
• RSI 68.13 | VIX at 13.12 | 10 year 4.18%