Futures Roll & OPEX

Markets are moving into a very interesting week here. It will be monthly options expiration, and the charts are currently setup for the potential of a higher low on the weekly chart with a potential for a lower high on the daily chart. The 3 day rally into the end of last week has given us the potential for the daily sell, but it also left us with a nice green bar on the weekly chart which will be hard to play back into. As for news announcements on the week we have red impact folders every day this week starting on Tuesday, so that combined with OPEX and futures volume being split could turn into an interesting week.

Earnings on the week are particularly nonexistent, but individual names have been moving nicely on their own. There are a couple of names shaping up with some decent looking charts, but the big question will be whether the weekly or daily chart for the overall markets win out.

$ABNB – A pullback here into 122.86 that holds, or a move up over 126.68 that confirms gives this ALOT of room to the upside on a weekly chart.

$CMG – After impressive earnings at the end of July this thing has been on a tear to the upside. The weekly chart in here looks like it wants to press for new yearly highs in here.

$CRWD – I am not opposed to trading this one in either direction for the week. It’s at a make or break point on the daily chart, and if it fails then 160s could be incoming pretty quick with a market roll. However if it holds strong then back over 204s and it’s clear up into 235+

$TSLA – I would like to see the market give a clear direction first, but if it decides to put in a higher low on the weekly chart then I’m looking at some decent potential here in $TSLA. There isn’t much in the way over 312.25 for a run up close to 400.

Overall everything is dependent upon the market this week and while we are 3 days to the upside I’m not opposed to going long just because of the weekly chart. IF the daily chart flips though then longs will have a tough time this week.

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