Three sessions and 86 pts of range. Not one close through a level that mattered. We said Sunday that nothing gets bought in the middle, and the middle is exactly where this week stayed. Then four companies reported after Wednesday’s close. All four beat and raised. Futures pushed to 7,741 and gave back half of it.
If you followed Sunday, you haven’t made an index trade this week. ES has spent three sessions inside an 86-pt range without a close through a price that matters.
That’s the setup into Friday, when the new Fed chair’s first Jackson Hole keynote and the government’s revision of a year of payroll data land in the same minute.
Wednesday gave us four beats and four raises. NVDA turned higher during the call, software ran with it, and the rest of the market barely joined. The money moved within tech without spreading through the market.
Friday is different. The new Fed chair speaks at the same minute the government revises a year of payroll data. The market is still charging quiet-week prices for it.
