- Ace in the Hole
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- Ace in the Hole - Edition #29
Happy Monday Traders!
I hope everybody enjoyed the weekend!
I am now home from vacation and ready to get after the markets, so let’s dive in.
Market Thoughts
$SPY had a very uneventful week closing at Monday’s open.
Testing the daily 9 EMA here, I think it’s possible to see the 21 EMA come into play which I would expect a bounce off of.
I’m feeling similar to the last few weeks, but honestly even more cautious and less bullish now.
I will continue to play what’s in front of me.
Short-Term Setups This Week:
1. $SHOP
$SHOP Daily
I’m still personally long this name and I’m looking for higher highs.
I got a decent move here, but I want to see if this can break over that 200 EMA and recent highs to make the move through that gap.
I wouldn’t be long under $64.
2. $MBLY
$MBLY Daily
I’m liking $MBLY off of these lows.
I’m personally long this name and would like to see a move back towards those recent highs.
I wouldn’t be long this name under $27.
Long-Term Setups This Week:
1. $ULTA
$ULTA Daily
I still like $ULTA adds down here at these levels.
Nothing has really changed here just holding this $380 area.
I’ve been adding some slowly in case it turns around from here.
Economic Calendar
These data points are known to bring volatility during the intraday:
Monday 9:45 EST, S&P Global US Manufacturing PMI
Monday 10:00 EST, ISM Manufacturing PMI
Tuesday 9:30 EST, FED Chair Powell Speaks
Tuesday 10:00 EST, JOLT’s Job Openings
Wednesday 9:45 EST, S&P Global Services PMI
Trending Sectors
Technology, Consumer Goods and Retail, and Healthcare and Pharmaceuticals were at the top of the list for trending sectors last week.
Top trending tickers from last week:
$NKE
$RCKT
$INFN
$NOK
$DJT
$FIS
$GOOGL
Have A Great Week!
Enjoy the week everybody and be safe this 4th of July.
Let’s make some $$!
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