The shortened holiday week ahead means less time to take advantage of setups and cheaper premium for options. Now that we are almost through earnings season, we have a regular and volatile week ahead with a few upcoming catalysts.
On Wednesday afternoon, the Federal Reserve will release the Beige Book. For the rest of the week, it’s all about jobs.
On Thursday morning, we’re going to have the ADP Employment report. On Friday morning before the bell, we have the Nonfarm Payroll (NFP) report released. These are both two catalysts to keep an eye on this week.
In the video above, we’ll cover the major indices after a strong close on Friday and review setups on our watchlist.
Here is our focused list:
NVDA — If NVDA pulls back to the daily mean and finds support, it could break through $189 to the $195 to $200 range. If it breaks below the daily mean, there might be chop or selling pressure to $170.
SHOP — This has been a weak name that hasn’t reverted to the daily mean often. See if SHOP could work its way back toward its 21 exponential moving average (EMA) and revert to the mean to $400. After this, we could see a push to $450 and $470. Until SHOP is back above $413, it is in a vulnerable range. To the downside, we could see SHOP rollover to the $300 range.
Stay Focused!