Pre-Market Plan [9/4]
Link to read yesterday’s Pre-Market Plan [9/3], made available to all readers.
Good Morning -
Overnight in Europe, ASML received several price target downgrades on slowing growth concerns, which is weighing on the stock this morning. ASML is one of the largest components within the Euro’s main stock market index, and an important name within the Semiconductor SOXX ETF.
Part of today’s U.S. tech pre-market weakness can be attributed to ASML’s analyst price target developments.
On the positive side, AMD is getting a lift as they just hired NVDA’s VP of worldwide AI initiatives to be their SVP of global AI markets. AMD’s weighting in the SOXX ETF helps to soften the impact from ASML’s downgrades.
On the macro front, markets have Job Openings (JOLTs) and factory orders later this morning. Any good data there can potentially spark a relief recovery from current pre-market weakness levels but for now Bears have turned the environment into a sell-the-bounce mode until key levels below are reclaimed.
The first step would be for NQ and ES to reduce the size of the incoming gap down and re-enter yesterday’s trading range. If NQ can reclaim 19000 later in the session, ES should be able to reclaim 5540. That would be a good first step. As of now, NQ trades 18870 and ES 5520.
The most bullish scenario is for ES today to reclaim 5570 and NQ 19150 on the upside which represents the post-NVDA earnings breakdown region from last week.
Will discuss more details and long-term thinking in the Daily Plan for members. Have a great day.
DCF Tables and stock projections for the most heavily weighted names within SPY, QQQ, and DIA ETF are located in the Daily Plans.
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