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.
Stay Focused!