This week we’re anticipating earnings that can introduce new market opportunities, specifically for NVDA on Wednesday night. The market is still trading in exhausted levels with a gap up on Monday and a close at point of control (POC) at $4,673.
If the S&P 500 (ES) can stay above this level we’ll expect bullish moves, potentially to new all-time high (ATH) levels. Be patient near the POC and look for an hourly or 2-hour squeeze to form.
If price dips below the current POC, see if ES can return to our previous POC at $4,619.
Here is our focused list:
GOOGL — POC increased from $2,909 to $2,969 after the run higher Friday and gapped up on Monday. Watch for the hourly squeeze to form as GOOGL is setting up for a large move. If GOOGL holds $2,944, we could see bullish acceleration to $2,973 and a boost higher to $3,012.
NVDA — Ran to highs on Monday ahead of anticipated earnings Wednesday night. NVDA is in a 2-hour squeeze and 4-hour squeeze so it is positioned to remain strong, but make sure to watch for the earnings report as a potential catalyst. As long as NVDA holds the zone at $286, we can expect a push to $314 up to ATH. To the downside, we could see NVDA drop to $270. Let’s get through earnings first.
SHOP — Big move on earnings as it ran to an ATH at $1,704 on Monday with a weekly squeeze trying to fire. See if the squeeze can fire and SHOP can hold above the key zone from $1,632 to the previous ATH at $1,650. Focus on the hourly squeeze for intraday setups and for SHOP to continue its move higher.
TSLA — Is Elon done selling? TSLA dropped to $987 on Monday after Elon Musk tweeted that he would be selling some of his shares. If TSLA can break the trendline forming and push past $1,001 to $1,036, look for it to move to $1,071. If it keeps selling off we can see TSLA drop to $944 and potentially fill the gap to $910. Point of control is still at $1,175, so we could see TSLA work its way higher.
BA — Broke the downtrend on Monday after strong news reports and hit an ATH at $233. Would love to see a push toward $240 this week as it is starting to fire a daily squeeze.
Stay Focused!