We’re continuing our conversation on the daily Ichimoku Cloud as the S&P 500 (ES) experienced another drop, retested the level, and set up for another dip-buy opportunity. We’re focusing on the range from $4,425 to $4,483 to dictate whether we see another reversal. We approached this range on Monday, but sellers brought the ES right back down.
There are three scenarios we can expect to happen…
We either:
- Chop and squeeze in consolidation
- Drop and revisit the daily Ichimoku Cloud and lows from last week
- Hold $4,425, squeeze higher, and break $4,483
Here is our focused list:
GOOGL — Had a selloff to the 50 simple moving average (SMA) that led to a dip-buy last week and has since exploded higher. Currently squeezing on the daily mean, so keep an eye on the range from point of control (POC) at $2,774 to $2,800. Let’s see if GOOGL chops or breaks higher and pushes it from $2,800 to $2,848 and potentially to all-time highs at $2,900.
ROKU — Continues to bottom out through $350 and $310. ROKU fell on Monday and had a slight pop at the close. Look for a push higher to POC at $322. If it holds POC, look for a push to the upside at the $338 to $341 zone. Use $334 as a strong key level.
AMD — Finally broke $99 and held, then set up a wedge and exploded through it on Monday. Looking for it to rise to the $109 to $112 range. Experienced a healthy pullback to the 50 SMA and is starting to ramp up. A retest of $107 could offer a good dip-buy opportunity to take it up to $109 and $112.
TSLA — Closed above the consolidation zone at $764 on Friday. Broke out of $780 and continued to push higher toward $800 on Monday. Keep an eye out for a dip-buy opportunity up to $815 to $825. First see if TSLA can hold $780 for a dip-buy.
MRNA — Dropped to the bottom of the range at $406 on Monday toward the daily Ichimoku Cloud and the 50 SMA. This could be a good dip-buy if met with support or it could break the $406 level and drop lower. Will MRNA hold the daily Ichimoku Cloud at $406 and pop up to the daily mean at $420 or POC at $429 for a good dip-buy? If we break $406, MRNA could drop down to the 50 SMA at $395.
Stay Focused!