- Ace in the Hole
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- Ace in the Hole - Edition #61
Happy Monday Traders!
Welcome back everybody, I hope you all enjoyed the time off and are ready for another exciting week!
Last week we had Google and AMD earnings to look forward to, but earnings season isn’t over…
We have plenty more earnings to cover throughout this season, but not many that have a heavy weight in the S&P 500 except for Nvidia in a couple of weeks of course.
Let’s dive in.
Market Thoughts
In terms of bias for the S&P 500 and Nasdaq, it’s really tough in this area.
We have been consolidating back and forth since the new year in a massive range.
This has made a great environment for day traders, but a tough environment for swing traders. This makes it tough for me to have a clear higher time frame bias on the overall market.
It’s not very clear at the moment where we want to go in the future, so I am showing up everyday playing whichever way the market wants to trend.
If I get opportunities for swing trades I am more than happy to take them, but they are likely short trades and can’t be held very long.
Short-Term Setups This Week:
1. $TSLA
$TSLA Daily
Tesla has been in this consolidation pullback for a while now. I entered a swing last week, but will likely have to get out and reposition this week.
Coming into this previous area of consolidation, I’m watching for any setups potentially forming if we form a bit of a short-term bottom here.
Any longs that I do take the targets will be: $420, $439.74, and then all time highs at $488.54.
2. $COIN
$COIN Daily
Coinbase has been stuck in this consolidation since the new year, similar to the market.
I would personally like to see this push down to the daily lows and potentially get a sweep of liquidity at those range lows.
Not only is that the daily range low, but also the weekly range low. I would expect buyers to step in after that level getting broken to the downside.
If I see the bullish reaction I want, I will look to take a play long.
Targets for any positions taken will be: $306, $310.61, $326.23.
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Earnings Calendar
Economic Data
These data points are known to bring volatility during the intraday:
Wednesday 8:30 EST, CPI
Wednesday 10:00 EST, Fed Powell Testifies
Thursday 8:30 EST, PPI
Thursday 8:30 EST, Initial Jobless Claims
Friday 8:30 EST, Retail Sales
Trending Sectors
Healthcare, Metal, and Technology were at the top of the list for trending sectors from this past week.
Top trending tickers from last week:
$NVDA
$AMD
$GOOG
$GOOGL
$TSLA
$PLTR
$AMZN
$UBER
$RDDT
$MSTR
Have A Great Week!
As always, enjoy the week and trade safe everybody.
Let’s make some $$!
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