🎉 Happy 2017 Everyone: Year of the NEW Millionaires!
We’ve got us a shortened trading week which is highlighted by two major events: CES Las Vegas and Friday’s JOBS Report. The CES show will highlight each and every tech company with news likely to be coming out mid session throughout the week from all of these recently oversold tickers:
GOOGL, AMZN, FB, AAPL, MSFT, NVDA, AMD, INTC, BABA, NFLX, etc.
A few tickers we trade/track also hit this same line so these next two sessions will be critical to see whether those Friday tests we’re true tests or reason to buy into the “Trump will save the world” idea.
See you all in chat.
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Believe it or not, the amount of fun we were able to profit off of on Friday, with SPY dipping into the 222s and testing that FEB 11 – BREXIT line, was only a -0.82 drop on SPY for the session.
This pattern now looks like a complex zigzag and if SPX 2234 (SPY 222.80) does not hold support, then the next likely target is SPX 2225 (SPY 221.50). IF the SPX drops down to the OEW 2212 pivot, then the TRuMptrend may be over and done with, confirming a repeat to 2015 with a downtrend already underway.
The decline last week offers many possibilities at this point.
From the pre-Interest Rate hike highs (228.34), the drop since it to Friday’s LOD (222.73) is only a -1.89% correction.
|225.80||2nd Level Resistance|
|224.83||38.2% Retracement From 4 Week High|
|224.66||1st Resistance Point|
|223.74||50% Retracement From 4 Week High/Low|
|223.37||14 Day RSI at 50%|
|222.66||38.2% Retracement From 4 Week Low|
|222.56||1st Support Point|
|221.60||2nd Support Point|
My Strategy Today:
We had every ticker not AGN reach the lows of our targets Friday and now are under the pressure of a +22 point gap up on S&P Futures, as of 4am EST. Last year, we started off with a 6 point gap down, failed to reach the lows from the final 2015 session, and sold off more than 50 points during the first session of 2015.
With Friday’s JOBS Report looming over the market, I plan to sit back and watch for the following:
- SPY: 225.60
- GOOGL: 811
- AMZN: 775
- FB: 118.23
- AAPL: 117.75
- NFLX: 129
- NVDA: 118
- CMG: 387.50 / 394