- Ace in the Hole
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- Ace in the Hole - Edition #58
Happy Tuesday Traders!
Welcome back to another week starting a bit later with Monday off for MLK & Inauguration Day.
I hope you all enjoyed the long weekend because we have another busy week of earnings!
Economic data looks pretty light, but I expect a decent amount of volatility.
Market Thoughts
If you look at the past month and a half on $SPY you can see we have basically been consolidating back and forth in a very volatile range.
Things still look relatively healthy, but as I’m sure you noticed the trading days definitely feel different than 2024.
I don’t think 2025 will be as easy as buying the dip every time you see it. I think the majority of people that did well especially day trading are struggling in this environment.
On the other hand, if you are a seasoned trader, you’ve been waiting for this volatility and are probably loving the price action over the past month.
Short-Term Setups This Week:
1. $META
$META Daily
Meta sitting in consolidation waiting to make a move.
I’d like to see one more test of the highs or some sort of blow off top type of move here.
This needs to hold the range lows to stay bullish in my opinion. If you get a change in the state of delivery to the downside, I would be cautious.
2. $GOOGL
$GOOGL Daily
Another name that has been sitting in consolidation for a while is Google. This structure looks very bullish and would only worry me if we got a change in the state on the daily.
As long as this is holding the range lows, I think we see new highs.
Earnings Calendar
Economic Calendar
These data points are known to bring volatility during the intraday:
Thursday 8:30 EST, Initial Jobless Claims
Friday 9:45 EST, S&P Services & Manufacturing PMI
Friday 10:00 EST, Existing Home Sales
Trending Sectors
Energy, Utilities and Financials, and Technology were at the top of the list for trending sectors last week.
Top trending tickers from last week:
$SPY
$NVDA
$TSM
$TSLA
$DJT
$AMD
$QQQ
$RGTI
$CVNA
$AAPL
Have A Great Week!
As always, enjoy the week and trade safe everybody.
Let’s make some $$!
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