The market is holding strong despite a drop in big tech earnings. Overall, names are improving in favor of the bulls in the short term.
Let’s review our latest setups on DKS and GIS, taken in the Compounding Growth Mastery. We’ll use my favorite “8-pack” chart layout to review the time frames from the daily chart down to the 1-minute time frame. We can use this layout to rate setups and determine if structure is working in our favor at a glance.
Surprisingly, we’re seeing a strong market after AMZN gapped down. This week’s theme shows the overall market is improving in the short term.
In the video above, we’ll review part of our market watchlist, including:
- VIX, $DXY, HYG
- SPX/QQQ/IWM
- NVDA + GIS
- TSLA, /CL, CF
The S&P 500 (SPX) has kept its bullish progress thus far. The question is whether the SPX will look similar to September, where the market looked promising but fell apart. The other option is we see a month like August where we take advantage of the rally.
The Nasdaq (QQQ) is also rallying higher despite AMZN being down 10% after earnings on Friday. The QQQ canceled out the daily Big 3 sell signals and is trading back above the daily 21 exponential moving average (EMA).
META, GOOGL, and AMZN earnings aside, the market theme is that the bulls have made and kept a lot of progress. In the short term, we’re looking to keep buying the dips and find more trades like NVDA and GIS.
Stay tuned for Sunday’s newsletter, where we’ll cover trade setups I’m eyeing on CF, TSLA, SPX, and even the /ES Futures.
Stay Focused!