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#trading-room-summaries by Rithika & Michael
Greetings. We are two of Samantha’s Live Trading Room Moderators. Rithika focuses on the the chase action for intraday moves. Michael captures a summary of all ideas & trades across all timeframes - chase, swing & trend. We both make best efforts to cover her trade set ups as well as those requested by clients in the room.
For best results, listen yourself. Or better yet, join us live!
Rithika's Chase Summary
Pretty sure I referred to this market last week as the "Chop Before the Drop"
Today shows further proof of that.
We have one green AAPL and that's the market.
As NVDA and pretty much all 11 main sectors go risk-off.
My call Monday morning on XLF rolling over is in view.
TSLA break of 172; with PT of 167.49 chase short
GM continues higher.
PYPL hasn't triggered that 67.50 for long.
XME, XLE, GDX continue to weaken.
XLU, XLP, XLV defensives holding.
Swing long fave AVAV continues higher into new ATH
Trend long fave IRM continues higher into new ATH
Trend long CCJ needs protecting now.
Bitcoin is weakening as USD stays firm.
Big spread widening between French and German yields - on "MAGA wave" - is triggering FX volatility abroad and bid in DXY.
Weakness UNDER the surface is visible to me now: cumulative volume shows increase in NET SELLING as NYSE breadth continues to breakdown every day since Thursday May 23rd (NVDA earnings).
Still no VIX of size (still early IMO), and SPX filled 5353.55 intraday gap fill so THAT is the trade long/short level for chasers into this afternoon/CPI/FOMC.
Big yield and currency moves that could seep into equity volatility
Market riding on the back of AAPL which is making new highs and is up 3.5%
Breadth continuing to weaken under the surface
META 503 tagged, above that we have 505,507
MSFT above 427 next is 430
TSLA below 171 came down to fill 167.5 and bounced
AMD also rolled over below 160 into 156 and bounced
AMZN 187 tagged; has to get above 188 to squeeze
MNST 50 tagged, below that we have 48
LLY profit taking rolled into 860 and 850 now bouncing
XLF 40.25 approaching next is 39.45
GM 48 tagging next is 50
Michael's Trading Room Summary
JUNE 11, 2024 AM
MAG7 - Outside bar; still above all the MA's but came back in.
Weighted Dollar / Yields Ratio - back above 288 but still under 300; above 300 is "risk off" for the markets. Bit of a chop
IWF:IWD - still at the highs; MACD still pointing higher. Above all the MA's on the daily & weekly chart. No signs of petering out.
INTERMARKET
T2100 - weak.
T2104 - cumulative volume - had a nice run up; just sitting here now & looking like a roll-over is forming... need a little push. Crazy Ivan
T2123 - Breadth continued to roll over onto the 55 day. Breadth is breaking down harder.
T2126 - sideways muck. Kinda rolling over - has not broken yet. weak.
WTI CRUDE - Still inside yesterdays range; making some quick moves as we near the RTH open.
GOLD (futures) - back above 2300; making some quick moves into the premarket before the RHT session begins. 2230 area still in play - expecting a shimmy down the TL.
Nat Gas - Still has not continued the breakout - but holding above 3.00$. An outlier BOOM of moving higher.
Bit Coin - breaking under 67k this morning. Breaking a TL this morning. Retesting a little bit of the 100-day. Not very helpful but "look - sideways" ... losing momentum. Petering out.
FX
Dollar (DXY) - Still holding above 105; sitting inside yesterdays range. Dollar Strength was in the house.
USDJPY - back above 157 daily; still under resistance.
BONDS
TLT - r2g daily; above 91 premarket.
TNX - 4.2% still the low target "this summer" and 4.688% line in sand for the EOY
ZN (10Y) - rejected the TL daily;
ZT (2Y) -Softening after hitting the TL daily. Lower gap fill WILL FILL eventually...
INDEX
SPX - going to fill the gap at 5293. Great H&S- has to break 5332 (or 5325.50) for a chance to gap fill.
SPY - Break 534 blue line hourly support. Get / Stay below that to press short. Hedging.
IWM - weak.
QQQ - break the blue line (support of May 23rd). 461.50 hourly. Potential H&S on hourly.
SVXY - has not broke anything; just a shake n bake intraday.
CHASE
AMZN 187 tagged; has to get above 188 to squeeze
AAPL pushing into 198.17, 198.78
TSLA below 170 headed to 167.5 stop: 172
XLF 40.25 approaching next is 39.45
SPX 5340 still pivot
SPY 532.44 is the pivot, needs selling below if you want volatility
TREND
IRM - very nice breakout. Data Destruction is a thing... boring company. Great chart.
LLY - news popped this; Alex posted in Slack with insight. Great Breakout nearing 900 level. Still a Trend Long. Through the weekly bollinger band high.
MCK - 3rd in the healthcare space.
HONORABLE MENTIONS
ARM - testing weekly resistance; continues to move higher against the rest of the market.
AMZN - has to get above 188.
AAPL - buy the rumor - sell the news. Shake n bake. 194.50 hourly resistance. Above the all time highs; blue sky's. Does not look bearish. Would need to break 198.78 hourly to consider a short & that would offer 197.30 as a short PT.
BSX - great advance. awesome.
CRSP - basing; looks productive. 200-day MA holding as resistance. 55-day MA has crossed under the 200-day.
DXC - possible takeover news. Popped into the 55-day MA.
DELL - above 134 or below 127 daily... bullish above & bearish below. Sideways right now. Distribution.
GM - great breakout weekly after going sideways for months. Pushing towards the 50.00 bollinger high. Stock Buyback Announced yesterday. 48.50 weekly - likely calms down here.
GLD - careful
HOOD - doing fine.
INSM - a lot of drama. Holding above the 3-day MA.
MNST - 50 is first PT.
META - rejected.
NNVC - almost hit the 200-week MA.
PYPL - no trigger. Has to get above 68. Add time or wait for it to get above that resistance.
SLV - careful.
TSLA below 170 headed to 167.5 stop: 172. Still needs a push. 167.50 nearly hit.
TSM - the flows look more like protection and less like a directional play.
XLF - great short; keep it below the 55-day MA (41.00$).
XME - closed under the 10W.
ZIM - getting hit. Testing the Weekly Keltner Highs from above. Could be profit taking.
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Samantha's RECORDED Live Trading Room - 6/11/24