Merchants,
I hope you all had an exquisite Thanksgiving!
A number of of my concepts from final week not solely performed out to a T, but in addition stay in play for greater lows /continuation.
There was additionally a pleasant uptick in small-cap exercise on the backend of final week, so I anticipate and hope for continued elevated liquidity and vary with day 1 small-cap gappers. That can primarily come down as to if the IWM can stay above its prior resistance at $245 and set up help.
Equally, within the total market (SPY), I’d prefer to see dips into the 20-day/50-day SMA discover help and set up the next low. That may give me nice confidence in momentum into year-end.
Alright, let’s get into a couple of concepts for the upcoming week.
Aid Bounce in SMR: Just like my plan and commerce in MSTR / IBIT from final week, I’m in search of a reduction bounce in SMR. After a major selloff, the inventory lastly bottomed out final week and closed close to the 10-day SMA. I’ll be in search of a push above Friday’s excessive and 10-day SMA as entry, as long as we base above that stage. I’ll have a LOD cease and trim into intraday power while holding a core for a multi-day bounce alternative. I’ll be wanting throughout the sector for indicators of relative power. For instance, OKLO is likely to be one other identify I think about using to specific the thought.
*Please notice that the costs and different statistics on this web page are hypothetical, and don’t mirror the impression, if any, of sure market elements equivalent to liquidity, slippage and commissions.
Increased Low in Bitcoin / Ethereum: One of many standout alternatives from final week was the reduction bounce commerce in Bitcoin / MSTR / Ethereum. Going ahead, I’ll be in search of a pullback towards the 10-day/5-day or prior key help ranges. I’d prefer to see the next low confirmed on the hourly chart to arrange a possible re-entry towards the day’s low, for an additional multi-day alternative.
*Please notice that the costs and different statistics on this web page are hypothetical, and don’t mirror the impression, if any, of sure market elements equivalent to liquidity, slippage and commissions.
Lengthy Scalps in OPEN: Extremely uneven identify inside this greater timeframe consolidation. The one curiosity I’ve is on a shorter timeframe, while it stays on this vary, sub $9. If it builds above Friday’s excessive, I’d be open to in search of consolidation breakout alternatives, concentrating on a transfer towards $9. If this, within the coming days or even weeks, holds above $9, I would shift my focus to a possible swing commerce…however that’s a protracted shot for now.
*Please notice that the costs and different statistics on this web page are hypothetical, and don’t mirror the impression, if any, of sure market elements equivalent to liquidity, slippage and commissions.
Breakout in LMND: A bit late to the social gathering, given its multi-day transfer off its 10-day SMA. Nonetheless, I’ll preserve this on my radar going ahead, given its bullish consolidation close to crucial resistance. If this continues to construct, adopted by a breakout by way of $80, I’ll look to be lengthy towards the LOD for a multi-day swing lengthy.
Extra Concepts:
RKLB: Waiting for a transfer above final week’s excessive to affix the pattern for a multi-day bounce opp, presumably towards its 20-day.
*Please notice that the costs and different statistics on this web page are hypothetical, and don’t mirror the impression, if any, of sure market elements equivalent to liquidity, slippage and commissions.
GME: Sturdy transfer off its 52-week lows. No plan as of but, however I’ll preserve it on watch given the elevated consideration on-line—ideally, additional extension to the upside.
*Please notice that the costs and different statistics on this web page are hypothetical, and don’t mirror the impression, if any, of sure market elements equivalent to liquidity, slippage and commissions.
SLV / GLD: Spectacular breakouts final week, as beforehand talked about re: GLD lengthy concept final week. Persevering with to look at intently for dip-buys and momentum.
*Please notice that the costs and different statistics on this web page are hypothetical, and don’t mirror the impression, if any, of sure market elements equivalent to liquidity, slippage and commissions.
SMX: Liquidity is more likely to dry up right here. Nonetheless, if it has a failed push greater and a pointy fail, I would be a part of the pattern for intraday brief scalps.
*Please notice that the costs and different statistics on this web page are hypothetical, and don’t mirror the impression, if any, of sure market elements equivalent to liquidity, slippage and commissions.
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