The market is ending August volatile with the Jobless Claims Report on Thursday at 8:30 a.m. Eastern and Nonfarm Payroll on Friday at 8:30 a.m. Eastern.
In the video above, we’ll review our bigger picture structure on /ES and levels to hold. I’ll also discuss my favorite focused list setup on AMZN.
I’ll be live in the Simpler Day Trading room this week to cover the market open. Tune in to trade more of my focused list setups with me live and look for more potential opportunities in the market: https://bit.ly/39wgIEF
We have a volatile week ahead of us filled with economic reports. The ADP National Employment report will be released on Wednesday at 8:15 a.m. Eastern, the next reports in focus are Initial Jobless Claims on Thursday at 8:30 a.m. Eastern, followed by Nonfarm Payroll on Friday at 8:30 a.m. Eastern.
After ending last week with a drop, the S&P 500 (/ES) is down 1% before Monday’s open, with the Nasdaq (/NQ) also down almost 2%.
/ES dropped to its 50-day simple moving average (SMA) at $4,012. We’re looking for a gap fill above toward $4,056 and a potential rejection leading /ES to my first target at $3,978. My second target is $3,955, and my farthest target is $3,900 at the market’s downside structure.
If /ES rallies and breaks $4,100, pay attention to a potential reversion to the daily 21 exponential moving average (EMA) at $4,136.
Focused List
NVDA – On Monday, see if NVDA can fill its small gap below from $160 to $157. If it moves lower with the market, my first target is the top of the zone at $155. The second target is $152.
SHOP – With the market going lower, we want to pay attention to SHOP trading at its zone below $31. If SHOP breaks $31, our next target is the earnings low at $29. Pay attention to the downside structure at $33 as SHOP could work its way back towards.
Join me live in the Simpler Day Trading room this week. Tune in to trade these and even more of my setups, as well as look for more potential opportunities in the market.
The S&P 500 (/ES) is not matching the bullish criteria: trading under the daily 21 exponential moving average (EMA) with Big 3 sell signals on the 30-min, 15-min, and 5-min charts. We’re seeing the same characteristics with the QQQ below the daily 21 EMA and bearish Big 3 signals.
Taking a look at the sectors, XLK, XLF, SMH also don’t fit the bill.
If the indices and sectors don’t fit the bullish criteria, chances are that many individual stocks also don’t fit the bill.
NVDA flushed on Friday and is printing bearish Big 3 signals on the lower timeframes while trading under the daily 21 EMA and daily 50 simple moving average (SMA). Names like AMZN and GOOGL are showing the same.
Overwhelmingly, based on the structure of the indices, there aren’t many names we’d look to go long right now.
There are a few names, though, that are looking clean, like the energy sector (XLE) for example.
In the video above, we’ll review what conditions we need for stocks to present a buying opportunity. We’ll also define which specific names we’re looking to buy once we’re presented a better entry point.
If you’d like to try Taylor’s Compounding Growth Mastery, we have a 30-day trial available for just $7 here. We hope to see you in the room to receive Taylor’s Big 3 trade alerts, Big 3 scan results and watchlists, and to join in on the weekly live trading sessions.
Let’s review the recent trades closed in the Compounding Growth Mastery and define how to keep an account profitable.
Since launching the Big 3 indicator in July, the Mastery account is up 20% with a 5% risk per trade. The key is having a simple checklist and staying disciplined to trade nothing but setups that fit our rules.
We’ll review the setup we’ve been trading consistently to achieve these wins on names like TSLA, XOM, and FCX. We’ll also take a look at the differences between our winning trades and our losses.
Our main goal is to have a strong win rate while keeping our losses smaller than our winners.
As you’re prepping this weekend, focus on nothing but your go-to setup, both bullish and bearish.
We have an important catalyst ahead of us with Federal Chairman Jerome Powell speaking at the Jackson Hole event on Friday at 10 a.m. Eastern.
The S&P 500 (/ES) broke its structure below, hit its Point of Control (POC) level at $4,136, chopped, and turned around.
We want to pay attention to the downside structure around $4,200 that /ES bounced toward. If /ES fails at $4,212 we want to look for a potential rollback to the daily 21 Exponential moving average at $4,156.
If it can’t hold $4,156 my next target is POC below $4,136. If /ES breaks through $4,212, my first target is $4,237. The next target is at $4,273.
The Nasdaq (/NQ) could potentially lead the way on Friday. /NQ ended the Thursday session at top of the zone at $13,150. If it can break $13,150, my first target is POC at $13,271. My second target is at $13,356.
If /NQ breaks down below its daily 21 EMA at $13,066, see if it can hold its downside structure at $13,025. If it doesn’t, it could go lower toward its low of the week at $12,915.
NVDA is still my top setup after they reported a miss in earnings earlier this week. NVDA is sitting at $178, its daily 21 EMA. NVDA could potentially break down toward my first target at $174 and my second target at $170, the 50-day simple moving average (SMA).
GOOGL is next on my focused list, also sitting at its daily 21 EMA at $116. Let’s see if it can rip through $116 and head toward my next target at $119 (POC).
I’ll be live in the Simpler Day Trading room next week. Tune in to trade even more of my setups and look for more potential opportunities in the market.
After a choppy week, we still have major events taking place. With Jerome Powell speaking at Jackson Hole on Friday at 10 am eastern and TSLA 3-1 stock split happening on Thursday.
In the video above, we also break down the NVDA earnings report and the stock’s key levels.
I’ll be live in the Simpler Day Trading room this week to cover the market open. Tune in to trade these setups with me live and look for more potential opportunities in the market: https://bit.ly/39wgIEF
The S&P 500 (/ES) ended last Friday by fading off the 200-day simple and significant downside structure. This week’s market events consist of NVDA earnings on Wednesday, and the TSLA 3 to 1 stock split on Thursday.
As we head into this week we’re looking for a pullback. If /ES continues lower, we will target our downside structure at $4,165, the 21-daily exponential moving average (EMA). If /ES can stay above $4,212 my next target is our upside structure at $4,247.
Anticipating the market pulling back, also look for some names on our focused list to pull back as well.
AMZN – My top set up for the week, after breaking downside structure, and ending Friday at $137, my next target is $135, the daily 21 EMA. If it can hold $135 it could pop back toward $139 and fail. If it breaks $135, it could reach its gap down at $132.
NVDA – Coming into earnings week, NVDA ended Friday’s session hitting downside structure at $177. If it breaks structure, my first target is $174. My next target is $169, the 200-day simple moving average (SMA). It could hit $164, completing the big picture double-top.
Trade my top setup in AMZN and get access to even more of my setups live with me in the Simpler Day Trading room this week.
