SPY - After a hectic week of news and volatility, we finished green overall. On Friday, we saw lower lows as I had mentioned was our goal on my Thursday night watchlist, but ended up closing exceptionally strong after a solid intraday reversal. With that, and the fact that our week was green last week, leads me to believe we will hopefully see some bullish movement tomorrow on SPY. We are still testing the upper trend line on the weekly/daily chart so this week will be interesting to see if we can break out of this downtrend or reject this trend line once again. I still remain bearish for the next 6-12 months, but going into this week with an open, unbiased mind, I believe we still have some upside room to test before the next major move.
Watchlist:
MRNA - 3-1: Slightly Bullish
BABA - 2-1: Neutral on the daily, but Bullish on the weekly
SQ - 2-1: Neutral daily, Bearish weekly
HD - 2-1: Bearish
UNH - 2-1: Neutral Daily, Bullish Weekly
CRM - 2-1: Neutral
Honorable mentions - AAPL, MSFT and META (All are 2-1 daily setups)
Main Watch:
MRNA & FDX- MRNA has a 3-1 daily which creates a broadening formation. Lots of room to move hopefully to the upside. This goes well with our bias on SPY for the week, which puts this setup in the spotlight for the week. Note for MRNA: I will play downside on this if we break fridays low. FDX - Fdx has a 3-3-1 setup on the weekly. This is big because there is a huge broadening formation on the weekly with tons of room to the downside if we can break last weeks low. Watching the daily chart for entries to go short. Massive gap to be filled. This setup is really solid and couldn't be ignored alongside MRNA for my main watches tomorrow
Stats from last weeks lists:
- 4/5 days correctly guessed SPY's movement
- Top play called out: GOOG: 240%+
Overview:
Expecting lots of good price action this week. Will be taking trades in full strength, and open minded about taking higher risk trades if the set up is there. As always, I will play what is in front of me, and not what I am expecting and/or biased towards. Stick to your rules and have a great week everyone.
Watchlist:
MRNA - 3-1: Slightly Bullish
BABA - 2-1: Neutral on the daily, but Bullish on the weekly
SQ - 2-1: Neutral daily, Bearish weekly
HD - 2-1: Bearish
UNH - 2-1: Neutral Daily, Bullish Weekly
CRM - 2-1: Neutral
Honorable mentions - AAPL, MSFT and META (All are 2-1 daily setups)
Main Watch:
MRNA & FDX- MRNA has a 3-1 daily which creates a broadening formation. Lots of room to move hopefully to the upside. This goes well with our bias on SPY for the week, which puts this setup in the spotlight for the week. Note for MRNA: I will play downside on this if we break fridays low. FDX - Fdx has a 3-3-1 setup on the weekly. This is big because there is a huge broadening formation on the weekly with tons of room to the downside if we can break last weeks low. Watching the daily chart for entries to go short. Massive gap to be filled. This setup is really solid and couldn't be ignored alongside MRNA for my main watches tomorrow
Stats from last weeks lists:
- 4/5 days correctly guessed SPY's movement
- Top play called out: GOOG: 240%+
Overview:
Expecting lots of good price action this week. Will be taking trades in full strength, and open minded about taking higher risk trades if the set up is there. As always, I will play what is in front of me, and not what I am expecting and/or biased towards. Stick to your rules and have a great week everyone.