Merchants, I stay up for sharing my high setups for the upcoming week, together with potential trades in Tesla, Palantir, QQQs, and extra.
I’ll proceed with earlier changes to take care of a move2move mindset for the early a part of subsequent week, barring any important developments or headlines and whether or not or not the market can agency up above its 5-day SMA.
So, let’s get proper into my high concepts for the week.
Continuation Increased in Tesla: With a powerful rally within the markets and reclaim of its 5-day in SPY, QQQ, and Tesla, I’m searching for the next continuation subsequent week, barring any important headlines.
For Tesla, I’d prefer to see important relative power to its sector. Secondly, I’d prefer to see a breakout above Friday and final week’s excessive for an entry lengthy. Relying on the intraday motion, I’d both have a LOD or a consolidation breakout cease. To exit, I’d piece out round a core because the inventory extends from VWAP intraday, particularly if it extends near a full ATR from entry.
*Please word that the costs and different statistics on this web page are hypothetical, and don’t mirror the affect, if any, of sure market elements akin to liquidity, slippage and commissions.
If the inventory closes sturdy together with the markets, I’d be open to swinging a 3rd of the place versus the LOD. Ideally, I wish to see $250 turn into assist after appearing as important resistance final week. That will likely be a vital clue, together with relative power or weak spot. An ATR goal is the first purpose. The lofty purpose is the 200-day if the thought materializes.
Bounce Continuation in Tech (QQQ): Just like the thought in Tesla, the QQQs, after their sturdy shut on Friday and over 11% correction from 52-week highs, current the same bounce setup. For buying and selling the QQQs, it is going to be mandatory to observe relative power, together with market internals and positioning of its high holdings.
*Please word that the costs and different statistics on this web page are hypothetical, and don’t mirror the affect, if any, of sure market elements akin to liquidity, slippage and commissions.
I’d provoke a protracted starter place if I discover optimistic internals and the QQQs holding on the 2-day VWAP and make sure the next low. Nonetheless, ideally, I’d prefer to see the market agency above Friday’s excessive earlier than getting lengthy. My first goal for continuation from Friday’s bounce could be final week’s excessive, over $483. The lofty purpose could be an entire ATR transfer, placing the goal nearer to $490 and its 200-day SMA. Like Tesla, I’m extra centered on an intraday transfer, but when there’s a positive shut and regular uptrend above VWAP, I’d be open to carrying a small piece in a single day.
Together with QQQs and Tesla, I’ll monitor AMZN and PLTR for comparable alternatives.
After all, if the market fails to carry Friday’s excessive early subsequent week and we churn again within the vary close to the lows, my bias and plan will shift to comparatively weak shares for momentum shorts. It’s important to stay open-minded and nimble within the present atmosphere.
Potential Promote the Information in Quantum: Robust bounce within the quantum basket on Friday. With NVDA’s quantum day on the twentieth, Thursday, subsequent week, I’m hopeful we’ll get a sell-the-news alternative. Early on within the week, given the vary and liquidity in names like QBTS, RGTI, and IONQ, I’ll be open to each lengthy and brief scalps.
*Please word that the costs and different statistics on this web page are hypothetical, and don’t mirror the affect, if any, of sure market elements akin to liquidity, slippage and commissions.
Nonetheless, the overarching concept and potential A+ alternative could be if we acquired some continuation to the upside and exhausted some cussed swing shorts forward of the convention. That worth motion and additional vary enlargement to the upside may arrange a implausible sell-the-news brief alternative forward of the occasion / throughout it on Thursday.
Final Week’s Small Caps on Watch: HMR, SUNE, and GV will likely be on the radar with alerts round potential overhead and resistance zones – Within the occasion any of the names have a short-lived push greater again into resistance zones for potential intraday fades. Alternatively, if a number of days go they usually take out prior resistance, it would arrange a liquidity lure for a protracted.
*Please word that the costs and different statistics on this web page are hypothetical, and don’t mirror the affect, if any, of sure market elements akin to liquidity, slippage and commissions.
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