Week Review 08/28/2023

More downside, before reversal

Significant magnet and algo lies near ES 4390-4370. (We are right now 4424)

Expect market to gravitate towards those before bull reversal end of this week to next week

If we cannot hold the levels near 4370, we will go lower. Bottom of weekly range is around 4280.

Top of the weekly range is 4550, but we are unlikely to hit that.

Overall market is bullish from last week, but some of mega 7 have not reached the bottom and would be drag on S&P.

This week could be bears last chance to get momentum, as bulls are reenergizing due to NVDA and Powell

On Twitter I posted

NVDA is right now a buy for long term holding.