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7/4/22 – Sunday/Monday 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.

Daily vs Weekly

Last week I think the market caught a lot of people by surprise on that failed breakout up over 3935.25. The possibility was there with the daily sell setup, and now as I type this we are 100 points lower than that failed breakout level. Which means the question this week is whether or not the daily chart is going to continue it’s move lower or does the weekly chart need a little bit of a break and we get a bounce to reverse the move from last week. If I knew the answer I would certainly tell you, but at the moment it’s going to be a wait and see game, but with a pretty defined plan around how it should come together.

– A break over 3832 with confirmation and longs are on the table. First test of this level whether in overnight or tomorrow should give some reaction to the downside so wait for that confirmation.
– A break under 3783.75 with confirmation and shorts are on the table. This gives us room into the 3700 whole number area so plenty of risk/reward to let it confirm and an entry to set.

In the world of commodities I still like Crude oil to the upside, but need to see it do something first. A failed daily move lower or even a failed hourly would be something that could get me long.

Individual names that I’m stalking for potential longs if we get that daily strength will be. $AAPL $AMZN $CMG $CRWD $MCD

Semi names are weak like $AMD & $NVDA but they are so extended to the downside already that continued shorts are tough.

Earnings kickoff in about 2 weeks so protect your capital for now, and let trades get the confirmation needed. It is also going to be a short week with the markets closed today so don’t rush into anything tomorrow.

Let’s have a great week and kickoff the 2nd half of 2022 on the right foot!