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4/21/24 – Sunday Stock Talk Write Up

What does the market have in store for us this upcoming week? What are the important support & resistance levels to be aware of? Read the Sunday Stock Talk Write Up to find out.

The start of Earnings Season is here!

A VIX pushing up over 20 giving us some good market volatility, and a number of big names set to report this week is shaping up to create some opportunity.

The big question floating around out there right now is. “When are we going to bounce?”

In an ideal scenario we get 1 more hard push down, or a BIG gap down one morning, and then from there we can start to get a bit of a rally towards the middle of the week. There are some overnight lows in some markets that haven’t been tested, and I would feel better about longs if those were taken out first.

In terms of levels I’m targeting somewhere down towards 16913.25 in the NQ and then we could start to try and hold there.

ES has a level below at 4986.50 that I think will test this week. A break below there after failing to go higher initially on the week, and things get ugly real quick.

The RTY & YM traded relatively strong last week compared to the other indices. Will that carry over into this week and is it telling us something else?

One trade idea I don’t mind for Monday/Tuesday is a move over 1982.30 for the RTY as it opens the door for 2035.40. On the other hand if we reject from there instead, then there is room to the downside into the 1940s and then 1915s.

Individual names are a big talk from last week, and especially the semiconductors. $NVDA & $SMCI to put some names on the board. With massive moves on Friday of -10% & -23% it’s tough to think that shorts are still on the table in here, but I’m not interested in stepping in on longs either. In an ideal world we would get a small green bar tomorrow in either of these names, and then on Tuesday we see that green bar erased, and a weak market that can take us down even further.

Earnings names are also a big focus with some potential for stand alone moves.

A couple of the big ones I’m watching are $TSLA $UPS $ENPH $LMT $BA $META $CMG $RCL $MSFT $GOOGL $CAT and there will always be a stand out at some point of a smaller name.

It should go without saying, but on a week like this after the action we just saw it will be even more important to keep your risk management in check, and top off your patience tank, so that you can SOH for a bit if need be. Let’s have a great week.

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