Our last report in focus this week is Snapchat (SNAP) reporting on Thursday after the close. As we head into Friday, take into account that it’s Options Expiration (OPEX). OPEX can cause extreme volatility. Expect options premium to get crushed, so choose strikes wisely.
At the start of this week, the S&P 500 (/ES) ran toward the daily 21 exponential moving average (EMA) at $3,724 and held upward structure. On Wednesday, /ES broke structure at $3,751 and fell to $3,693, the Point Of Control (POC).
After breaking structure, /ES has continued to stay in its current range between $3,693 and $3,724. With /ES being close to major zones during OPEX, see if /ES can break through toward the downside. My two main downside targets are $3,639 and our previous POC level of $3,604.
Use our downside structure, forming from our key levels of $3,776 and $3,751, as a roadmap into the end of the week.
My favorite setup after this week’s earnings is TSLA. As it continues to hold $203, see if it can bounce off $205 toward Thursday’s high of $215. If TSLA breaks $203 my major downside target is $197.
In the video above, we’ll discuss key zones and major levels to watch on /ES. We also discuss how TSLA can be a compass and/or a great setup to end the week.
Check out my most recent webinar on how I’ve scalped consistently in this market.
Stay Focused!