With one more trading day ahead this short week, let’s make it a good one.
On Thursday, Federal Reserve Chairman Jerome Powell held a conference with little news to affect the S&P 500 (/ES). Keep in mind last week’s negative news of Russia’s Nord Stream Oil production cut, although there hasn’t been much development.
After making its way toward structure at $3,900, /ES stayed above $3,980 and hit the top of the zone at $4,013. With major levels ahead, see if /ES can continue to stay above $3,980.
If /ES stays above $3,980 my first target is the top of the zone at $4,013, and my second target is $4,023, the 50-day simple moving average (SMA). This would lead /ES to the bigger picture structure above. Let’s see where the market guides us.
With technology lagging behind, see if the Nasdaq (/NQ) continues to hold the Point of Control (POC) at $12,007.
My favorite focus list setup this week has been NVDA. See if it continues to head toward the low of the year at $140 and fails toward $134. If it can get through $140, NVDA has the gap fill above from $143 to $149.
The next setup I’m focusing on is SHOP. With SHOP announcing news of executive changes, it broke above structure at $31. See how this affects the stock this upcoming week. If it continues to hold $31, see if it heads toward $33, the daily 21 exponential moving average (EMA).
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Stay Focused!