- Ace in the Hole
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- Ace in the Hole - Edition #48
Happy Monday Traders!
I hope you all enjoyed the weekend and got some time away. Last week was absolutely wild with the election going on. The S&P 500 back to all time highs, Bitcoin is over $80,000, Tesla is over $300.
This was a BIG week for the market and we have another busy one ahead of us, so lets dive in!
Market Thoughts
In terms of trading this market, I’m still in a very bullish mindset until this market gives me a reason not to.
I’m trading any downside that comes with futures, but all the shorts have been short lived and none of them have been swings.
I do start to get cautious when we get around these big psychological levels such as $600 on $SPY.
I’m cautious, but that doesn’t mean bearish. This market has given us 0 reason to be bearish.
Short-Term Setups This Week:
1. $META
$META Weekly
Meta has been on an absolute tear, but it’s been consolidating over the past few weeks and I think it might be time for another leg up.
Last week had a decent candle close into Friday, but would like to see momentum step in quick and take this to new highs.
2. $AMD
$AMD 4 Hour
$AMD is looking interesting here on the 4 hour, I would like to see it hold this 21 EMA ideally.
$AMD Daily
I think this has room into November NFP Low to test if it needs to. If it loses those lows I wouldn’t be long anymore, but I think that November NFP range is a good buy zone.
Long-Term Setups This Week:
1. $MELI
$MELI Daily
After earnings, $MELI is getting a beautiful dip. I think this is a decent dip to start DCA into if you like $MELI.
Ideally, I would like to see a test of $1600 for a bigger position long, but I’m not sure if we get that.
Earnings Calendar
Economic Calendar
These data points are known to bring volatility during the intraday:
Wednesday 8:30 EST, CPI
Thursday 8:30 EST, PPI
Thursday 8:30 EST, Initial Jobless Claims
Trending Sectors
Technology, Financials, and Industrials were at the top of the list for trending sectors this past week.
Top trending tickers from last week:
$DJT
$TSLA
$NVDA
$SMCI
$PLTR
$AMD
$AAPL
$AMZN
$META
$HOOD
Have A Great Week!
As always, enjoy the week and trade safe everybody.
Let’s make some $$!
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