Let’s preface the shortened upcoming week as the market is chopping in a volatile manner. We’ll review some important upcoming earnings events, specifically with Netflix (NFLX) kicking off big technology earnings on Thursday.
We’re building upon our inflection points, focusing on the reversion to the weekly 21 exponential moving average (EMA) for the S&P 500 (ES).
Here is our focused list:
GOOGL — Be patient as it is stuck underneath the daily Ichimoku Cloud. Once GOOGL breaks through the Cloud bottom at $2,820, then we can look for a reversion to the daily mean around $2,850.
NVDA — We could play this name in both directions, since it had a nice close above the weekly mean on Friday. This inflection point could be a great dip buy, but it all depends on what big technology and the overall market can do. If NVDA can rally off the weekly mean, then look for it to head to the daily mean at $285.
Stay Focused!