June 26- 30, 2023
This week is the last trading week for the 2Q, the technology sector may see a pullback, and overbought & funds may book the profits.
6/28
The previous plan of LONG COIN panned out but NO trades, BIDU, BABA, and NTES exhibited strength yesterday, these names are potential spikers as China is expected to unveil new stimulus programs as its economy continues to slow down, while the rest of the world is hiking rates to fight inflation- this can be the haven for momos, the risk is the geopolitical tension to the US.
FULL BREAKOUT WATCH:
- TSLA AMZN RH
BOUNCE WATCH:
- MELI SEDG NFLX
SHORT WATCH:
- NVDA -5% premarket as China announced tighter policy on microchips, 5th of their business sales generates from china
6/27
The traders and investors exhibited cautious sentiment yesterday in the last trading week of Q2. The Tech sector has experienced some selling, and the major indices pulled back as well touching the 20dma.
Top watch:
Heading today, focusing on BIDU long/ breakout to >150, the PR on the general meeting has been out and gapping out again today at 142, which is the bullish trigger pivot, * BIDU has failed to uphold the gap up in the last 4 weeks, consistent fader* the market anticipates a CHINA govt more stimulus as the country continues to report a string of weak macro data.
Short trades:
- CMG has been slowly pulling back to tag the 50dma, however, the move is very meager, it's a 50/50 trade.
- NFLX failed on 429 yesterday, next support at 409, earnings gap up is at 377
- TSLA 237 pivot
Long Trades:
- DE & CAT - bullish on industrials as next sector to replace technology
- sedg & enph for relief bounce
- MELI - strong earnings but no love, also the 5% move has been a fake indicator lately, when a momo (ie; TSLA & NVDA) stock prints +5% move it marks the top, MELI -5.79% yesterday, marked the bottom or reversal?
The furniture stocks have been outperforming lately, WSM, W, & RH- RH to 309 test this week
6/26
Long to watch:
- NFLX to 446 again, it was a quiet move last week as its digested the 4 weeks rally, 417 support, above 423 is the key to highs [ executed properly, bought at the open sold at 429, then nFLX faded along with Nasdaq]
- COIN to 68- Bitcoin threads above the 30k then the SEC lawsuit may come to a settlement announcement soon [ popped +6% intraday high but no trades]
- BIDU - China macro data continues to be on the weaker side, China is expected to reveal new stimulus soon. [quiet move, same MO gap up at open fade throughout the day]
June 20 -23, 2023
June 23
The Nasdaq bounced, led by AMZN, TSLA
Breakout watch:
- MELI to 1260, notable shakeout at 1182, resistance has taken over today at 1230, next is 1260
- Bitcoin at 30k- blockchain to rally
- COIN hits daily resistance at 59-
- NFLX on 4th day red today, maybe bounced to 428-431
- RH has no daily resistance till 300
Short watch:
- CMG has been very tight, fakeout popped this early week to 2090, then lost momo pivot today at 2070 or at 20dma-
June 22
The major index printed 3 days meager red days
breakout to watch/ caution: as indices are in forthy levels
- RH, MELI, BIDU
- COIN, NFLX
SHORT:
- CMG, TSLA
June 21
Lean on short, major equities are overbought plus end of second-quarter profit booking.
- TSLA, CMG
It's a short trading week due to Juneteenth.
Heading into the week, equities and SPX & NSDAQ are overbought, and DIA is getting pushed into momo levels, but can it stay up while other major benchmarks pull back?
June 20TH
Long to watch:
- RH daily no resistance till the 300 area, dt at 290, support at 282 [correct but stopped at 297]
- COIN [ CORRECT]
- SQ TWLO MU MSTR MARA
- ILMN
Short to watch:
- ELF
- CMG
However, the US technology sector/ or QQQ is slightly overextended, Technically speaking, it has posted its first RED closing -.04% after posting 6 consecutive green performances totaling +11.49%.
June 12, 23
Heading next week, leaning on SHORT trades:
- NVDA -(-1.41% last week) +35.87% in the last 3 weeks
- TSLA +39.46% in the last 4 weeks,
- CMG 3 weeks red, however, daily technicals have been tight later, threading under the 20dma, key resistance last week 2042 breakdown, support at 2011, the pattern was, when it opens at day high it fades, opens red it becomes btd
- MELI - reported good earnings but has struggled to hold the rally, as soon as it printed 52 weeks, it has flushed since, resistance - 1364, 1330, 1300, 1290, 1260, then 1240, support 1186 yesterday-
- ELF - overbought & extended
