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- Ace in the Hole - Edition #30
Happy Monday Traders!
I hope everybody enjoyed the weekend!
It’s looking like it will be a good week with lots of catalysts from data and earnings kicking back off.
Let’s dive in!
Market Thoughts
$SPY has continued to be unstoppable gaining 1.91% last week.
Again there have been times where I have been cautious, but I haven’t flipped bearish because the market is clearly telling us it wants to go higher.
Until I see a real reason to be bearish on this market, I will continue to play with the trend.
$SPY’s new ATH is now $555.05.
Short-Term Setups This Week:
1. $HOOD
$HOOD Daily
$HOOD took a dip to its daily 21 EMA where there were buyers previously and made a higher low.
I like this for longs as long as it is holding that daily 21 EMA at $22.14
Friday on the dip would’ve been the best R/R, but I don’t think it’s a bad entry here.
I think this could go back to highs from here and potentially breakout.
Under the 21 EMA and my thesis is invalidated.
2. $ENPH
$ENPH Weekly
$ENPH has dipped just back under $100 at a big weekly support.
I’m interested in it here and have some calls, but I’m not super confident with this play just yet.
I want to see more momentum off of the lows this week.
Under $93.50 and my thesis is invalidated.
3. $MBLY
$MBLY Weekly
$MBLY has been consolidating down here, but I think it’s ready to pop soon.
I like the higher lows on the weekly, but ideally it needs to keep holding that $28 and get some momentum going to the upside.
Under $26.50 I wouldn’t be long anymore.
4. $COIN
$COIN Weekly
Similar to $HOOD, $COIN has dipped to its weekly 21 EMA and is holding so far trying to make a higher low.
I like calls down here as long as it’s holding that 21.
I’d target recent highs on the weekly, if this gets under the 21 EMA my thesis is invalidated.
Long-Term Setups This Week:
1. $ULTA
$ULTA Daily
I still like $ULTA down here at this base for longer term adds.
Same as the previous weeks.
I’d be careful if this got under $377.
2. $SNOW
$SNOW Weekly
I’m starting to like $SNOW again at these levels and I think I will be picking some up this week.
Decent momentum off of the lows, but either way I think owning more $SNOW at these prices can be a solid opportunity.
Earnings Calendar
Economic Calendar
These data points are known to bring volatility during the intraday:
Tuesday 10:00 EST, Fed Chair Powell Testifies
Wednesday 10:00 EST, Fed Chair Powell Testifies
Thursday 8:30 EST, CPI
Friday 8:30 EST, PPI
Trending Sectors
Technology was the leading sector in the market last week.
Top trending tickers from last week:
$TSLA
$PARA
$LLY
$AMZN
$ADBE
$NFLX
$RIOT
$MARA
Have A Great Week!
Enjoy the beautiful week in the market and trade safely everyone!
Let’s make some $$!
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