Welp, it’s now 2:30 and I’m not in the best headspace, so I’m not sure if I’m in the best state of mind to analyze charts accurately. Maybe I’m in a state of mind to analyze them more accurately. Who’s to say. On the bright side, I’m not taking any trades today, just getting ready for the week, so I’m not risking any money. I’ll double-check everything, obviously, tomorrow when I actually go to trade
Equities have pushed up strong today, which is the second day in a row. The S&P pushed above the recent high it created in the middle of last week before dropping. In a technical [trading] sense it looks very bullish, completing a pullback/retest over the last week. There’s a good amount of support/resistance from Late July, Early September and November/December last year.
There’s a level at $4040 that looks more convincing for a strong bullish move. It touched that today, but hasn’t broken it, I’ll try to be optimistic. Really though, I’m just hoping it does, because it’d be a strong buy signal instead of figuring out what to do if there’s chop, so we’ll see, but overall, I’ll look for longs.
CMCSA – Long – CMCSA, which I just had a great trade in, is basing again on the daily chart. Depending on what happened in history at that level, there might be another opportunity to take that long again. I was going to look at the hourly chart here, but since I’m not trading today, I’ll wait until tomorrow, this is just pulling out things that look interesting
TSLA – Long – I’m adding this because it’s on an uptrend so far this year, made a new high today, and there’s only minor resistance between here and the next major resistance level around $160 – $165. Will look at lower time-frame charts tomorrow
AMZN – I’ve been staring at this for a couple of minutes, so I’m just going to put down my thoughts so I can stop dwelling and move on. I could see this going in both directions. It has a pretty decent bull pullback formed on the daily chart, and it might break out of the prior highs soon. If it does, it’s breaking a pretty major resistance area, and could run. That said, it is a major resistance area that’s held up from back in November and a couple of days in December, and overall, this has been pushing down strong for over a year. Within that context, price could push down off of this level fairly strongly. IDK what to do with it yet, but I want to keep it on my radar
NVDA – Long – A few of the other tech stocks are up today, but they’re mostly coming up on some levels that have acted as both support and resistance, where price could react in either direction. This, though, is up against a resistance level that it’s tested for the 4th time now, and, arguably, is completing a cup-and-handle starting late-September. The more I look for an entry point, the higher the price seems to be, and the further away from the current price it’d be (thus, pushing my outlook for when this may trigger further down the road). $200 is that level, so maybe I’ll set an alert, but I wouldn’t be surprised if nothing happens with this until next week
META – Long – This had been weak for a long time, but bottomed out in early November. Since then, price has been pushing up fairly strong, and today, is up against some resistance from late September – early October. If this can break that area, around $145, this could run to ~$155. I might look for longs on the hourly chart immediately here tomorrow
Maybe I’m lazy, IDK. I don’t feel like sifting through nearly 70 stocks, especially when I could make a case for each-and-every one of them. I pulled out a few that look promising, and if anything happens with them, I can still look elsewhere for opportunities. I need to work on the blog, still, so I’m going to pivot into that. I was getting a bit overwhelmed anyway. Here’s to making the best decisions I can!