$QQQ to $475?
We have a fresh A+ setup on the weekly chart for $QQQ. While things remain a bit overbought in the short-term, this setup points to a path higher for tech. Let’s dive in and take a look.
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What’s Moving Now?
While NVDA may have grabbed all the headlines, that’s not where the next best setup is waiting. It’s not time to be a bear, let’s look at the relative performers going into next week.
Next Measures For SPX
The SPX saw its biggest down day of the month. Is this normal? Is there more to come, and what might be our next targets? All of that in tonight’s video review.
The Huge Negative Divergences Were A HUGE Warning Sign
Even with NVDA opening up, there were so many negative divergences that we shorted everything after the opening.
Will NVDA WOW The Market?
In this video, we discuss the bullish market action over the past several weeks and today’s big swings. The last big tech stock to report this quarter is the Mag 7 Crown Jewel, NVDA, which reported today after the close. So far it looks like a nice beat and raise along with announcing a 10:1 stock split. We did not get the “Sell in May and Go Away” this year, so what comes next? We look for clues on the Economic calendar and have CPI, PPI, and the next FED meeting coming up in June.
FOMC Minutes Game Plan
What is in play, and what are the opportunities as traders await more insight into monetary policy.
So Many Negative Divergences. But Big Stocks Still Will Not Roll Over
With the DJT, RTY, /ZB, and /YM negatively diverging, it would be easy to say “short the SPX.” But until I see defined bearish patterns, I will back away from that strategy.
OpEx Trading Day Recap
With metals on the move, trade in gold as well as FCX were on tap today as the monthly expiration has come and gone.
The Language
Signs point to a potential blow off top with NVDA being the catalyst, let’s come up with a plan for managing our risk.
The Crypto Comeback
Crypto markets have been quiet for a while now, but I think we might start looking for a spot to buy them again along with this one equity pick.