Despite world and economic turmoil, the structure of the stock market has remained relatively unchanged.
We’re anticipating the Nonfarm Payroll (NFP) report on Friday morning to see if that helps the bulls take back control.
The market has struggled to find direction in the chop. The S&P 500 (/ES) has failed to break through the $4,400 level, which also happens to be the 21 exponential moving average (EMA).
There are multiple squeezes forming across the board. We’ll use the 4-hour squeezes on the /ES and Nasdaq (NQ) as a compass moving forward.
As for our focused list:
GOOGL – Watching the 4-hour squeeze to the upside, but it needs technology’s support. We can continue to buy dips low as the market pops. To fire the squeeze to the upside, GOOGL needs to break $2,726.
NVDA – Printing a 4-hour squeeze. NVDA keeps bouncing between its daily mean and the 200-day simple moving average (SMA). We will look to keep buying low and shorting high until one of the ranges breaks and the squeeze can fire.
Stay Focused!