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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
SPX staying above 5304 is intraday bullish BUT I still see 5340 as strong resistance.
Keep in mind the big intraday shake-n-bake last Thursday, which means we could digest a few days before heading lower. I'm not bullish until we can get/stay > 5340 on wkly OR bearish until we break 5261.
Silver in a squeeze with Copper is helping Swing Longs GDX + XME, but XLV is under heavy distribution with XLP. I'm patient with both.
New Swing Short ideas setting up:
XLF, CRM, MNST, ARM was my best chase idea long this morning as it broke higher out of a daily wedge: STOP 115, TRIGGER 118, 126 PT
Rithika and I will get in sync so these will be entered into CHASE portfolio and triggered in chase-trade-notification moving forward. For Now... it's already there.
ARM Above 126.59 on wkly would make for nice swing long but I think it digests now.
DKNG was best chase idea short this morning as I read the news of a 40% tax hit in state of Illinois. It fell 12% right into 35.53 wkly support AFTER already warning it was a nice H&S formation on the wkly just looking for a trigger to break 39.87. It broke.
Fave Semi play is ASML on wkly wedge break out. MU, KLAC + AMAT nicest continuation trends higher.
DELL eps 5/30 - with lots of call selling ahead of the event. 160 >< is line-in sand.
Big picture, I'm expecting more grinding action into end of week/month then breakout/breakdown. I expect the next volatility 'event' will be once it tags 10.60 - likely before Yellen's QRA event June 30th - but we will look for it into FOMC June 12th + June OpEx June 21st.
ASML looks ready to break higher, digest above 952 to push to 1000
HUBS news with GOOGL, getting chased into 660
MNST breaks 52.24 next is 50,48
ORCL holds over 122.5, next is 124, 127
ARM over 118 into 123, 126.59
AAPL below 192 coming back into 189.78
PDD 160$ finally tagged and came back in on those massive $140P 16 million for august posted under option flow, if weakness continues 151 next
EBAY pushing 54.89 resistance, bid ask spread too wide but there are buyers coming into $60 calls
AMZN if you are swing long must hold over 180 to push, below has gap to 176.13,173.9
MRK 127.78 is support careful here if it doesnt hold next is 126.5
CRWD below 350 into 346,340 stop: 355 already played out
MSFT holds 430 we continue pushing higher
Michael's Trading Room Summary
MAY 28, 2024 AM
Thursday & Friday are the 2 days w/ the "big" events. Market is tired but not broken.
MAG7 - Gapped up premarket - bullish start to the week.
Weighted Dollar / Yields Ratio - still holding above 288; Still looking for 280 to get tested.
IWF:IWD - gapped up premarket into 1.96 daily. Still moving higher - still bullish. "Growth over Value" - it's out performing.
INTERMARKET
T2100 - still under the weekly high; potential digestion period but not falling apart.
T2104 - still under the weekly high; Inside week. Tagged the 21-day support. not much this morning.
T2123 - has been bullish; still under the weekly high. sideways to lower. Tired.
T2126 - still under the weekly high; inside week for the 2'nd week.
WTI CRUDE - testing that 79.11 daily level again. sideways over the last fwe weeks but setting lower lows. Crude bid but not above the key level.
GOLD (futures) - 2350 tested again daily. under the 10MA daily.
Nat Gas - flat this morning - resting at the 55-day MA.
Bit Coin - popped higher over the holiday weekend but is down this morning; still above the 20-day MA & 50-day MA.
FX
Dollar (DXY) - broke under 104.50 and cont to fade. Expecting a softer dollar.
USDJPY - JGB - 10Y above 1.00% but it's bullish so expecting it to cont rising. Could see intervention still (for the 3rd time).
EURJPY - awesome trend;
EURUSD - Still see weakness. Looks like it is trying to get a "hopeful bounce" - so not overly excited about it. It's a mess
BONDS
TLT - testing 90.50 today. broke under last weeks lows.
TNX - inside day breakout - trying to rise above Friday's levels; 4.2% this summer is still the baseline bet.
10/2 spread - still looking for a 10/2 spread to fall into -0.60%. Even with the premarket bounce Sam expects this to fade.
INDEX
SPX - 5292 hourly support; 5340 PT is done (we did it already). Above that is very bullish and below 5292 offers gaps lower.
SPY - lot's of call buying.
IWM - large gap up & then sold off - back now to Friday's close.
QQQ - bid; 460.50 resistance holding. Up premarket but gave it back at the RTH open.
VIX - r2g but still inside day. Holding under 13.00$
BXM - still see buying.
CHASE
ASML hold over 960 for 989, 1000
ARM over 118 into 123, 126.59
AAPL below 192 coming back into 189.78
AMZN if you are swing long must hold over 180 to push, below has gap to 176.13,173.9
CRWD below 350 into 346,340 stop: 355
EBAY pushing 54.89 resistance, bid ask spread too wide but there are buyers coming into $60 calls
HUBS news with GOOGL, getting chased into 660
MRK 127.78 is support careful here if it doesnt hold next is 126.5
MNST breaks 52.24 next is 50,48
NVDA approaching 1122 upper end
ORCL holds over 122.5, next is 124, 127
PDD 160$ finally tagged and came back in on those massive $140P 16 million for august posted under option flow, if weakness continues 151 next
HONORABLE MENTIONS
AMD - at resistance 174; bullish above - bearish below.
ADI - weekly bullish - looks great. Daily pulled back a few days. Hourly tightened into bollinger band squeeze.
AMZN - above 188 we could see +200$ weekly but we are not there yet;
ARM - "breaking out - a go trigger." 117.82 daily breakout. Above 118. hourly. 126.50 weekly long pt (top of weekly keltner).
AAPL - news popped us up & the markets liked it too. Above 192 hourly - if it sticks that landing then we can move higher but if we break that level then you know what to do. Still firm on weekly.
COPX - still in play.
COST - looks perfectly fine. Reports in 2 days. No edge with earnings.
CELH - Fell into the 55-day MA. Bounced off that level. "big news" dropped it. Looking for weekly 10MA support;
DELL - earnings this week; protect. DELL - 9000 calls BB (below the bid) and 11,000 calls mid (mid-market fill). Extended. Lots of call selling.
DKNG - nice gap down; should bounce here at 35.53. Next level lower is 34.43
EBAY - 52.25 weekly breakout. Looks like a news pop - but not sure what the news was.
FCX - feeding the AI theme.
FSLR - massive breakout weekly.
GLD - up a little bit.
GME - Sold to You play.
GLW - looking bullish; coming alive.
GLD / SLV ratio - most bullish chart; still expecting more.
IP - strong pop above 45 weekly. Still under the shadow of an M&A deal; could see 50.00$
MMM - Needs to hold the 21-MA.
MSFT - bullish weekly.
MU - bullish; still moving higher. Very bullish. Great options - digesting at 130 weekly.
MNST - Fell out on the hourly. Looks like a big short; but this is an aggressive company. Nimble. Looks like such a great short trade chart. Back to triple support.. if this does not bounce here it's going to 50.00$ then 48.00 weekly. Right on the cliff; not broken yet.
NVDA - still bullish & expecting higher.
NOW - looks like a breakdown of 720; Keep it below 737; 696 and then the 200-day MA as short PT's
ORCL - 124.60 daily resistance. Massive Shake. Get above 124.60 daily for a cont play higher. Looks good.
SLV - getting a big short squeeze. up a honking amount. Monster. Duel... between the banks?
SMCI - needs to follow-through.
TM - news gave it a little pop this morning.
WHR - at the lows; needs to prove.
XLF - not broken yet. Right on the cliff. Break 41 weekly for a short.
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Samantha's RECORDED Live Trading Room - 5/28/24