The S&P remains in a broader uptrend that began in late October 2023, but this week we saw a test to that structure. Price dipped below this key uptrend line but quickly reclaimed it, finding support on this line as well as the weekly’s 20 EMA. In Friday’s trading session, we saw a high-volume reversal, which could signal a potential bounce. The bigger question...
A strong reaction to ABNB earnings put this ticker back on the map for me. Now lets see how it plays out.
Short term bullish momentum: We could see this week, (especially if the NASDAQ and S&P break through to ATHs), this continue up toward 169 before digesting some. If it does this, the retest could be at 161-163, the top of the breakout candle body or wick, or...
GOOG remains in an uptrend, with its price potentially bouncing from the uptrend line started in September. This week I've got this on my list for a trade to the upside. Early entry would be a rise above $188 (a reclaim of the 4h 10EMA), though I am likely to wait for the reclaim of the 20EMA. I want to see high volume here and the market either flat or rising....
If SA can break through the key level at 17.5, this may work its way back up to it's ATH established mid October and maybe surpass it. Key level identified at the area of my solid white uptrend line and the 50SMA on the daily chart, and the area right above the 10EMA on the weekly chart.
Earnings is on the 15th so you would want to pay attention to that.
The...
ABBV had a solid reaction to earnings. The tight consolidation over the last few days supports a bullish momentum holding up. Volume declining over the last few days (when price has been declining) typically means a healthy consolidation before a continued rise.
While the price may/may not continue down a bit more, if it starts to climb back up, the 201 area...
Between 131 and 136, NVDA has experienced resistance and fallen back into its base twice on the weekly chart:
This area can act as support if the stock allows. I would consider a call option swing trade using the daily chart time frame if the price moves above 138.5 with a stop at 131. If it does break and go, my first price target would be 144 and if it...
The key level to monitor here is $18. SA took a tumble after establishing a recent high (not ATH) at 20.55. As of Friday it is still holding its long term uptrend line that started in February.
How I would play this:
A call option to capture the swing on the 4h chart when price closes above of 18, with a stop at 17.5. If it works and I can cover my initial cost,...
Today I am sharing a snippet from my free weekly newsletter I send out each Sunday night (www.thetraderreset.com). I would love to hear what my fellow swing traders think the market may do this coming week.
Here are my thoughts:
Anything is game right now in the market. The pullback from last week paused at a key level as indicated by my yellow lines. If we...
I spy a double bottom on the weekly. If MSFT can break above the neckline of this double bottom around 441, we can take it up to 468 (it’s previous ATH). I would expect a pull back or some basing here, but then see potential to create new high after. MSFT is currently holding above its downtrend line formed from July and September peaks.
If it breaks down: I not...
Best Buy (BBY) has just broken out of the base it established back in November 2022. The reaction to the most recent earnings is strong and yesterday June 4th 2024, BBY hit the same high from February 2023.
Idea 1: It can blow through this line top line and continue its climb. If this is the case, I will likely get in when there is a short (a few days to a week...
