It’s going to be very interesting to see how we start the week. I thought we had triggered a wedge drop and were potentially going to have a little bit more of a correction in price even though I like the weekly to support any dips. That could still be the case. However, we scummed that support area on the SPY while holding another inside week on the QQQ. The indexes are all around the 20EMA so watching this level and how we treat it going into next week. It seems like we will get direction early in the week. If we can push off support my hunch is we will then breakout of bull flags on the weekly. If we were to trade down I will be looking for further chop/consolidation and supportive action around the 10/20 Week moving averages. Totally open-minded short term with a bullish view of the market.
QQQ WEEKLY-10 week turned up through the 20 week gives this market the feel that it can turn into a new weekly uptrend. Have thought we would get some pullback with 297/298 as the last two weeks lows and 309.27 as last weeks highs. The weekly moving averages are 288-290. So far the market is holding higher and not giving much back.
QQQ DAILY-Supporting on the 20EMA. Two unfilled gaps to highlight. If we could hold support here it would continue consolidation for higher and show real support to the market.
QQQ WEDGE DROP DIAGRAM-in the bear market we would have these faster rallies that would put in a lower high, drop….and then it would lead to a down trend. We triggered that pattern Friday but then held support at the 20EMA (not shown here). 297-298 is the key support for the bears to break for more pullback.
QQQ 195 Min- There was light volume on the afternoon rally Friday after triggering the Wedge Drop for me. The unfilled gap still remains resistance BUT we held support. This very tight range is 302 x 298 and seeing which way we go.
SPY WEEKLY-Similar spot….basically double inside on the weekly with the 10 week coming up underneath. Pretty good look overall unless we broke those moving averages.
SPY DAILY-shaking out the 405 level and closing higher. Lets see if it can push up to setup this flag/channel like pattern for upside.
AAPL WEEKLY-Large descending channel with upside chop to the 170 area still in play. It failed at the previous weeks high on the rally attempt but overall two tight bars. AAPL is a major booster to holding the indexes higher so if it is not breaking the market is going to hold up to me.
CRDO- A lot of people got caught in this gap down on CRDO, myself included. Strictly my opinion, but any time you get caught in a big gap down or situation of this nature whether its earnings, an event, etc its best to sell your position right away. For the most part, big gap downs lead to lower prices. That has happened here. Secondly, when you take a hit its better to just take it right away so you free up your mental capital to focus on “getting it back” vs “figuring out what to do with it the next day.”
NVDA WEEKLY-extended into the big 230 gap level with two weeks of rest into earnings. The last two weeks have put in tails similar, but the opposite, of the two up tails that preceded the move. IF we pulled back on earnings the 180-190 area is very strong support to me on a pullback to the 10 Week/Inverse Head n Shoulders neckline back-test.
NVDA DAILY-pulling back into the 20EMA and supporting into the bell Friday. Has had three straight unfilled gap downs. 208 is the big level to me on the downside. Results out Wednesday evening.
TSLA WEEKLY-into about as big of a level as a stock can have. Tons of trade here over the last few years. Holding up much more resiliently than I have expected. If this were to get through these levels will start more watching the larger descending channel.
TSLA DAILY- Major relative strength on Friday as it held the 10 Day and this trendline again. If the market holds here think it is going to push 214 and head up to the 50 Week. Trendline is key short-term area to hold.
TSLA 65 MIN-Since earnings it just continues to make higher lows. Thought when it scummed higher it would follow through down but it didn’t. Big support shelf in 190 area with 20EMA coming up underneath. Tough to be anything but bullish as long as we hold that trendline/10 day.
ALGM-top new/quality leader in the market to me. Barely pulls back. Very extended here but showing no signs of weakness.
ABNB WEEKLY-Absolutely enormous volume on earnings. The $130 level is the key spot for me. So far we have seen a lot of these other high flyer reports get sold. This move in ABNB really started at $90 so more than happy for it to pullback and rest further. If we can start to push off $130 think it is a MAJOR change for this stock. A key focus name for me over the next few weeks.
ABNB 195 MIN-monster volume post report. Was it blowoff volume like a lot of growth stuff or big buying? My hunch is it was big buying. As we pullback into the 5/10 day and this gap area looking for support and a reversal higher.
UBER WEEKLY- flag like pattern building at this book $34.50 area been watching.
UBER DAILY-looking for support on this pullback to set up this mini channel pattern.
BE WEEKLY- Monthly cup n handle with a weekly flag building. We hold the 10/20 Week on this pullback and push through the $26.50 area this is a MONSTER MONTHLY.
GFS MONTHLY-If we can chop around and stay alive into the second half of the month….getting back through $72 would open this up to the highest monthly open/close ever. $79.49 all time highs.
GFS 65 MIN-Pulling back to the 10 Day (red). Demand post earnings in this 66/67 area evidenced by the volume. Holding this area short term is key.
MELI Weekly-character change on 900 breakout to me. Pulling back to the 10 week on light volume. Tight channel building on the daily. 1164 a pivot area if can continue to hold in on this support 1075-1100 range.
STM WEEKLY-Remains extended from the 10 Week but double inside with the 20EMA catching up on the daily. Worth reviewing. ON pulling back on the daily setting it up again to me too.
AEHR WEEKLY-Has had 3-4 weeks of tightening. Ideally tightens inside another week to compound the range a little bit.
AEHR DAILY- Strong recovery back through the 20EMA. Tightening/rested the move Friday. Does it turn back higher here or further consolidate?
CROX-gapping up on earnings. Consolidating and worth reviewing for a turn/post EPS flag like setup.
MBLY-supporting on the 10EMA. Potential for upside reversal
IOT-continues to act very well. Earnings 3/2 but like the overall weekly.
AI-held support on the 20EMA. Can it put in a higher low here and re-confirm higher next week? Would really give potential to this stock.
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