{"id":213318,"date":"2024-10-08T08:45:17","date_gmt":"2024-10-08T12:45:17","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=213318"},"modified":"2024-10-09T03:54:59","modified_gmt":"2024-10-09T07:54:59","slug":"chart-advisor-examining-key-technical-levels","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/chart-advisor-examining-key-technical-levels\/","title":{"rendered":"Chart Advisor: Examining Key Technical Levels"},"content":{"rendered":"\n<p>By\u00a0<a href=\"https:\/\/links.investopedia.com\/u\/click?_t=36ba8fa8372241d58b3bfc06997a4332&amp;_m=25069662f5044820a1799b7ef0f1eeab&amp;_e=JzK5-novId4pcEpUgZUeri8wqpJ_F5-Ff3bZRwSJRuSAPhHZIqIhMvPoYxs3g3SOwiNYPO3sOvSr7-E6OmGSLdM5hJ87wmjryJBaAxT5x4euA5b6Y7Gmy9lWW-aBcWNXwpOiXiVPuVai8sFibQ0R5gTElJ0P4qJUq7HfP6bG65zqROM91NuAfm_duLHuvpAi-AswGR4sRbOUzNnXe8J_xVNVlQ-0-F35d3J8-Vq0mbz1GWccL8wAV_mx1d8JBbkxTUlU3QXqQac6nVV0cVtT8YAnzNiT8XeH0Il-QLQQXr6GguUa24Kobjl0aUMFBpgEStf6babk5myuaKh0iewDV_9Msq_AvXlX7p3pKZC7s1nlEO4oJ1w7aYu4topSDo7lg_GB_Q1_3YIE5U5wcyyDsYPE7q40nbo2X3z_9O2IfRf_icT_fyQFVBlLM_Denj0hAa-SbksKgWf4yhDmq1FJ-EljB7MwdnnOPuNslWRgpOM%3D\">Jay Woods, CMT<\/a><\/p>\n\n\n\n<p><strong>Your Weekly Roadmap with Jay Woods, CMT<\/strong><\/p>\n\n\n\n<p>1\/\u00a0<strong>Economic Data &#8211; CPI, PPI<\/strong><\/p>\n\n\n\n<p>2\/\u00a0<strong>FOMC Minutes<\/strong><\/p>\n\n\n\n<p>3\/\u00a0<strong>Earnings Season Begins<\/strong><\/p>\n\n\n\n<p><em>Investopedia is partnering with CMT Association on this newsletter. \u00a0The contents of this newsletter are for informational and educational purposes only, however, and do not constitute investing advice. The guest authors, which may sell research to investors, and may trade or hold positions in securities mentioned herein do not represent the views of CMT Association or Investopedia. Please consult a financial advisor for investment recommendations and services.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1\">1\/<\/h2>\n\n\n\n<p><strong>Economic Data &#8211; CPI, PPI<\/strong><\/p>\n\n\n\n<p>Traders will be focused on the instant classic of a series between the Phillies and Mets. Add in the Yankees and Royals and the floor will be buzzing with chatter. However, seeing this is a newsletter about the markets, let\u2019s focus there.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"769\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1276_storage.mlcdn_.com_-1100x769.jpeg\" alt=\"\" class=\"wp-image-213319 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1276_storage.mlcdn_.com_-1100x769.jpeg 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1276_storage.mlcdn_.com_-700x489.jpeg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1276_storage.mlcdn_.com_-300x210.jpeg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1276_storage.mlcdn_.com_-768x537.jpeg 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1276_storage.mlcdn_.com_.jpeg 1363w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/769;\" \/><\/figure>\n\n\n\n<p>There are 29 days until the Presidential election. Yet, none of the market\u2019s focus this week will be on that important date. I will continue to say the market doesn&#8217;t care about your politics, but it does care about economic data and those that drive it.<\/p>\n\n\n\n<p>This week we will get the first CPI and PPI numbers since the 50-basis point rate cut, plus a deep look into what exactly went on behind closed doors at the most recent Fed meeting.<\/p>\n\n\n\n<p>If that wasn\u2019t enough, on Thursday Elon Musk will preside over the much anticipated&nbsp;<strong>Tesla<\/strong>&nbsp;event &#8211; the debut the Robotaxi and his vision of autonomous driving. Lastly, this Friday is the official kick-off to earnings season.<\/p>\n\n\n\n<p><strong>Technically speaking<\/strong>&nbsp;the S&amp;P 500 tested and held a key technical level we discussed over the last few weeks. It sold off to 5650 which was the breakout level in September. That old resistance level acted as support and the index bounced higher.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"721\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1282_storage.mlcdn_.com_-1100x721.jpeg\" alt=\"\" class=\"wp-image-213320 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1282_storage.mlcdn_.com_-1100x721.jpeg 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1282_storage.mlcdn_.com_-700x459.jpeg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1282_storage.mlcdn_.com_-300x197.jpeg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1282_storage.mlcdn_.com_-768x503.jpeg 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1282_storage.mlcdn_.com_.jpeg 1234w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/721;\" \/><\/figure>\n\n\n\n<p>Also confirming the move was the\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/r\/rsi.asp\">RSI<\/a>\u00a0which continues to make higher lows and has yet to reach overbought territory indicating the trend is still intact and there is room to move higher.<\/p>\n\n\n\n<p><strong>CPI&nbsp;<\/strong>data will be released at 8:30 this Thursday. It continues to trend lower towards the Fed\u2019s desired 2% goal. This month expectations are for numbers to sink to its lowest levels since early 2021.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"473\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1294_storage.mlcdn_.com_-1100x473.jpeg\" alt=\"\" class=\"wp-image-213321 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1294_storage.mlcdn_.com_-1100x473.jpeg 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1294_storage.mlcdn_.com_-700x301.jpeg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1294_storage.mlcdn_.com_-300x129.jpeg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1294_storage.mlcdn_.com_-768x330.jpeg 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1294_storage.mlcdn_.com_-1536x661.jpeg 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1294_storage.mlcdn_.com_.jpeg 1699w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/473;\" \/><\/figure>\n\n\n\n<p>Recent CPI data has continued to meet economists expectations, but when numbers surprise, markets respond with added volatility. Numbers in-line may lower the odds of any rate cut at the next meeting. Numbers higher and expect market volatility to increase as many will question that cuts are having an inverse effect on inflation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2\">2\/<\/h2>\n\n\n\n<p><strong>FOMC Minutes<\/strong><\/p>\n\n\n\n<p>For years the minutes from the previous FOMC meeting have been a non-event. That has changed recently. The prior meeting minutes came after there was no cut but they showed that the decision was more heated than the unanimous vote to leave rates unchanged really was.<\/p>\n\n\n\n<p>The minutes will give us a better peek of the debate behind the scenes when they finally decided to cut by 50 basis-points. This rate cut was by a surprising \u00bd point and had one dissenting vote on the record. That in itself is a rarity. In a Jerome Powell led Fed, a dissenting vote speaks volumes.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"729\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_12957_storage.mlcdn_.com_-1100x729.jpeg\" alt=\"\" class=\"wp-image-213322 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_12957_storage.mlcdn_.com_-1100x729.jpeg 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_12957_storage.mlcdn_.com_-700x464.jpeg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_12957_storage.mlcdn_.com_-300x199.jpeg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_12957_storage.mlcdn_.com_-768x509.jpeg 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_12957_storage.mlcdn_.com_.jpeg 1452w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/729;\" \/><\/figure>\n\n\n\n<p>There was clearly a divide in the room and the minutes may give investors more clarity as to why they decided 50 over 25 and if there are bigger issues to be concerned about as they continue to fight inflation without upsetting the labor market.<\/p>\n\n\n\n<p>Not only will we get the minutes of the last meeting but we will get many Fed speakers throughout the week. Let\u2019s see if we get new comments about recent unemployment data and thoughts on pending economic news.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3\">3\/<\/h2>\n\n\n\n<p><strong>Tesla Event<\/strong><\/p>\n\n\n\n<p>On October 10th, Elon Musk will host one of his most anticipated events ever when he debuts the robotaxi. The design and reveal of its autonomous driving features have been discussed and hyped for roughly a decade.<\/p>\n\n\n\n<p>Will Elon Musk deliver or is this more hype? There have been so many questions about his full self-driving auto and investors want this event to deliver on more substance.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1100\" height=\"646\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_12119_storage.mlcdn_.com_-1100x646.jpeg\" alt=\"\" class=\"wp-image-213323 lazyload\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/646;width:950px;height:auto\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_12119_storage.mlcdn_.com_-1100x646.jpeg 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_12119_storage.mlcdn_.com_-700x411.jpeg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_12119_storage.mlcdn_.com_-300x176.jpeg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_12119_storage.mlcdn_.com_-768x451.jpeg 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_12119_storage.mlcdn_.com_-1536x903.jpeg 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_12119_storage.mlcdn_.com_.jpeg 1613w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p>Last week shares tumbled -4% despite posting a year-over-year sales increase. The electric vehicle maker narrowly missed analyst delivery estimates causing the pullback.<\/p>\n\n\n\n<p>Going into the news, shares of Tesla had rallied as much as 35% over the last eight weeks. Shares are now up less than 1% for the year, severely underperforming the S&amp;P 500.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4\">4\/<\/h2>\n\n\n\n<p><strong>Earnings Season Begins<\/strong><\/p>\n\n\n\n<p>We officially kick-off Q3 earnings season when the financials start reporting on Friday. We highlight\u00a0<strong>JPM,\u00a0<\/strong>but keep an eye on other banking giants in\u00a0<strong>Citi, Wells Fargo\u00a0<\/strong>and\u00a0<strong>BNY Mellon.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"662\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_121156_storage.mlcdn_.com_-1100x662.jpeg\" alt=\"\" class=\"wp-image-213324 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_121156_storage.mlcdn_.com_-1100x662.jpeg 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_121156_storage.mlcdn_.com_-700x421.jpeg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_121156_storage.mlcdn_.com_-300x181.jpeg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_121156_storage.mlcdn_.com_-768x462.jpeg 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_121156_storage.mlcdn_.com_-1536x924.jpeg 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_121156_storage.mlcdn_.com_.jpeg 1590w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/662;\" \/><\/figure>\n\n\n\n<p>&#8212;<br>Originally posted 7th October 2024<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0Jay Woods, CMT Your Weekly Roadmap with Jay Woods, CMT 1\/\u00a0Economic Data &#8211; CPI, PPI 2\/\u00a0FOMC Minutes 3\/\u00a0Earnings Season Begins Investopedia is partnering with CMT Association on this newsletter. \u00a0The contents of this newsletter are for informational and educational purposes only, however, and do not constitute investing advice. The guest authors, which may sell research [&hellip;]<\/p>\n","protected":false},"author":186,"featured_media":213327,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18,6,8,9,22,23,26,3],"tags":[10985,314,399,207,156,3726],"contributors-categories":[13686],"class_list":{"0":"post-213318","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-technical-analysis","13":"category-text-articles","14":"category-traders-insight","15":"tag-bny-mellon","16":"tag-fomc","17":"tag-jpm","18":"tag-spx","19":"tag-tsla","20":"tag-wells-fargo","21":"contributors-categories-investopedia"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chart Advisor: Examining Key Technical Levels<\/title>\n<meta name=\"description\" content=\"There are 29 days until the Presidential election. Yet, none of the market\u2019s focus this week will be on that important date. I will continue to say...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/213318\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart Advisor: Examining Key Technical Levels | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"There are 29 days until the Presidential election. Yet, none of the market\u2019s focus this week will be on that important date. I will continue to say the market doesn&#039;t care about your politics, but it does care about economic data and those that drive it.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/chart-advisor-examining-key-technical-levels\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-08T12:45:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-09T07:54:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/10\/Screenshot_8-10-2024_1282_storage.mlcdn_.com_-1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1234\" \/>\n\t<meta property=\"og:image:height\" content=\"809\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Contributor Author\" \/>\n<meta name=\"twitter:card\" 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