Let’s see what this fresh month of August brings after the market sold off last week to end July.
This week the focus is all about jobs. Keep a close eye on the ADP Employment report on Wednesday and the Non-Farm Payrolls report on Friday. Watch how the market acts leading into these two reports and how the market reacts if we receive two bullish reports.
Will the jobs report be a catalyst to the upside, downside, or is it simply just noise?
This week also leads us into earnings for our last few big names. The main focus on earnings is on individual stocks, specifically Alibaba set for Tuesday morning and Roku on Wednesday afternoon.
We are still using the same compass as last week and waiting to see what happens next as the overall market is still inside this 4-hour squeeze. Watch the video above for a full market breakdown on the three major indices, volatility, and a deeper analysis of our current focused list (check below).
Here is our focused list:
NVDA – After the stock split, NVDA is retesting and holding its wedge at the 196 level. The 4-hour squeeze hasn’t fired yet, so let’s see if it can continue to hold. If it breaks through 200, look for 204 or 206.
GOOGL – Closed bullish near all-time highs despite technology’s red day on Monday. Watch the 2-hour Ichimoku Cloud. Key levels to keep an eye on: 2,770 calls for this week’s expiration and 2,750. Be patient and see what technology stocks do.
ROKU – After hitting an all-time high, there’s been some serious selling. See if earnings this week could push this to 500. Look for opportunities with lotto trades toward the 500 strike next week. Be patient and proceed with caution among earnings.
SQ – With the acquisition of Afterpay, Square ripped higher to all-time highs with huge amounts of volume. Weekly squeeze wants to fire, meaning it could break an all-time high. Went from 230 premarket to 283 on Monday, could move down or be so strong that it explodes higher to the 300 level.
TSLA – Starting to fire a daily squeeze and into a weekly squeeze to hit a target of 750. If it continues to hold the 709 to 700 zone and breaks 727, we could see the push toward 750.
Stay Focused!