Hey traders, happy Sunday! As we approach this next week, we are looking for the daily squeezes in the indexes to continue to hold structure and fire to the upside. The S&P 500 (ES) looks rock solid and while things can get choppy due to seasonality in August, the bullish daily squeeze remains solid. The Dow Jones (YM) has a daily squeeze getting ready to fire long, and the Nasdaq (QQQ) is also setting up to fire higher.
Look for the QQQ’s to make one more solid push into the upside to the 2+ or 3+ average true ranges (ATR). We have a solid structure and bullish trend in technology, so if the daily squeeze fires long we could see a strong move to the upside. If technology pushes higher, AAPL has the potential to move into new all-time highs.
The financials (XLF) are looking extended at 2+ ATR, so be patient and wait for a dip. We took profits last Friday in GS in the Compounding Growth Mastery and will look for new opportunities in the financial sector, so keep financials on your radar.
We will also wait for a pullback in the industrials (XLI), seeing the daily squeeze hasn’t fired and are printing bullish 3-day and weekly squeezes. The same goes for the semiconductors (SMH), should we get the opportunity to buy the dip, as the weekly squeeze could give us a great opportunity to push us higher into September and October.
Keep an eye on the squeezes in technology, semiconductors, financials, and industrials to take us higher in the next few weeks (and even months). Watch the video for key levels to take advantage of, specifically in stocks with good looking setups like TSLA, PYPL, and SBUX. We hope you enjoyed your weekend, and we’ll see you on Monday!
Stay Focused!