5/1/22 – 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.
Markets are getting to the point where the bearish headlines and ‘crash’ talk are going to start becoming a regular thing. We have taken a pretty decent drop so far and we are pretty close to erasing the entire 2021 moving in the NQ. S&P is holding up a little bit better than the Nasdaq but the Russell has already cracked the lows and it looks rather ugly at this point. We are 4 weeks straight down and at this point it would make sense if we just paused and went slightly sideways for a week or two at these lower levels. This market however is extremely weak and a breakdown wouldn’t be out of the question, but keep in mind that we have FOMC on Wednesday of this week and a reversal or continuation could start from there.
Earnings are pretty busy this week, and I like to see $AMD $ABNB $SBUX $UBER $ETSY $SHOP $LCID and some smaller names that aren’t normally on watch, but can have some surprise moves. There are no names on the watch list for this week as I want to see the ES sell down into the 4048 – 4088 area to see how we react first. We are currently in a very strong hourly down trend, that doesn’t look like it wants to let up any time soon, so the best thing I can say for this week is to let the market come to you, and don’t try to get in the way.