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#trading-room-summaries
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.
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Rithika's Chase Summary
Rithika chase summary notes
IWM holds over 217 can see 220,222 again
SPY 550 bigger picture/SPX 5555 important; SPX above 5622 we have 5639,5659,5670
QQQ in time 495 above 475 pivot
SMCI breaks 453 can see 428.69 then 418 and overshoots to 405 ish likely finds some support there if not 357 monthly support next
PDD under 107 pushed back to 96 now. PDD hit 88 MONTHLY support but overshoot to 84.27 wouldn't surprise - huge bearish expansion bar on monthly - bounce to monetize puts but totally broken.
AAPL 230 approaching 232 next above 228
META could see some buying into 522,530
NVDA sideways into earnings needs above 125 for 129.80 above this for 136
GILD needs over 76 for 79.61
ANF 139.74 prior high from march, breaks that then 122 is next ( not today in time)
CHWY 30.26, 31 next; needs to base over 27 for a swing into 35,40
TSLA sitting on 206.77 pivot
Market waiting on NVDA earnings
Michael's Trading Room Summary
AUG 28, 2024 AM
Stuff tomorrow - initial jobless claims. Tomorrow the CEO of NVDA will be on Bloomerg. Can't remember him having done that after an earning previously... "Keep it together until NOV 5th..."
MAG7 - closed above 50-day MA again... but still resting on it. 50, 20, & 10MA's are all tangled here.
Weighted Dollar / Yields Ratio - no.
IWF:IWD - bounce on a minor support yesterday - still under 2.0 but closed at HOD.
INTERMARKET
T2104 - minor selling. Nice roll-over.
WTI CRUDE - fade continues - dropped & closed under 75 in premarket trading. "Short the Rip"
GOLD (futures) - large reversal; testing 2500 this morning. Still at weekly highs.
Nat Gas - still above 2.00
Bit Coin - 59k acting as support. Rejected. Still see 50000 as the lower TL after rejecting 65k. the 50/200 has crossed. Break 55k, then 52.5K then 50K to really see weakness. Waiting to see this give up 57.5k
FX
Dollar (DXY) - large move up this morning; back to 101 daily. Had a move into 100.50 before getting a little bounce.
USDJPY - 144 minor support; came up from that level but still inside yesterdays range. Coming into the TL from 2021 ... kinda cool huh?
BONDS
TLT - 100 / 95 still the daily channel .
TNX - Needs to stay above 3.8%. Powell working hard to keep it above 3.8% ...
10/2 yield curve - Looks like Powell tried to steepen it at Jackson Hole. Steepening = negative for stocks.
INDEX
SPX - Still expecting a "topping" into year end. 5750 sure - 5821 wouldn't surprise. If we get above 5670 we could fly into SEPT 20 opex.
SPY - "Topping Process" ... trend didn't break but it's getting weaker. 550 in SPY ... keep that in your head. Think it gets hit repeatedly in the coming months. Should be a GREAL level... bullish above / bearish below... for months to come.
IWM - tag your in. 222 was a great PT. Short term rejected. Get above that 222 for "bullish above"
QQQ - 486 hourly resistance. 475 hour is really KEY (it's the weekly level). Get above 486 area to push above into next gap fill (which WILL HIT at some point before OpEx on Sept 20. SEP 30 is the Quarterly roll for the JPM collar. Still expecting a "topping" into year end. 495 gap will fill - eventually - in time. 465 / 495 is the channel.
VIX - noise.
BXM - tight range today; compressed.
CHASE
AAPL 230 approaching 232 next
ANF 139.74 prior high from march, breaks that then 122 is next ( not today in time)
CHWY 30.26, 31 next / needs to base over 27 for a swing into 35,40
GILD needs over 76 for 79.61
IWM holds over 217 can see 220,222 again
META could see some buying into 522,530
PDD 93 approaching , 92.44- 91 can be potential bounce area so derisk | PDD almost on trend line support, chase complete
QQQ in time 495
SPY 550 bigger picture/SPX 5555 important
SPX above 5622 we have 5639,5659,5670
SMCI breaks 453 can see 428.69 then 418 \ SMCI 417.5 is support if that pierces can overshoot to 405/400; getting oversold could see monetization here | SMCI if we dont bounce here at 400; next monthly support is at 357 depends on nvda earnings where it bottoms
TSLA sitting on 206.77 pivot
NVDA needs above 129.80 for 136
HONORABLE MENTIONS
ABT - 115.69 still like it.
ANF - finally. MOMO fever finally broke. 122 next (once 132 breaks.)
AMZN - nice roll-over here.
AAPL - 232.33 daily WILL hit - eventually.
CHWY - 29.50 weekly .. keep it above 28.16 - needs to stay above 29.40 ... so keep it above 28. No wiggle room.
COR - still working.
CAH - back near weekly highs... nice scoop pattern. Above the 200-day MA.
DELL - Earnings soon.
GLD - digesting
GSK - thin. Nice move up from the 200-day MA. 43.50 level is important. 10-W curling up. Has good news- & it's trying to get / stay above
GILD - nice daily "scoop" pattern. Above 76 offers 79, then 85 weekly gap fill area. Working really well
MU - snake action.
MLM - protect to 499.31 weekly. Bullish above 527. Bullish the sector - so don't expect to see it fall apart.
MSTR - trying to digest.
NVDA - likely beats... but the question is how long can Powell keep the 10Y yields from breaking below 3.8%. Hangs out with Bit Coin really well.
PDD - 91 weekly / Monthly has not tagged yet. 94 was easily.. but 91 could see a possible bounce area.
PLTR - almost back to 29.29.
RDFN - 11.16 weekly resistance held.
RKT - faded back to 19.68 weekly breakout level.
SLV - digesting.
SMCI - has a rich history of fraud. Coming back into 428.69 weekly. Busted. 3rd largest customer of ... NVDA.
VRT - new highs.
VRNA - still looks great.
VKTX - good trigger above 70
XLV - still working
XLP - still working
XLU - still working
XLF - look at it goooo!
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Samantha's RECORDED Live Trading Room - 8/28/24