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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!
From Sam:
Waiting on Yields to Crash
VIX target of 14.29 as support bounce is working. PTs I gave were 15.21, 15.92, 16.31
I am still bond bullish + oil bearish.
The dumping of USD disguises the yen strength.
BOJ and Powell on Friday will set up a clearer path forward into FOMC.Updated Healthcare sector plays of note:
MDT breaking out on weekly trendline = swing long > 83.60 wkly close
RMD breaking out > 218 wkly support is productive.Staple sector play of note worth adding:
CPB > 48 wkly close into 52Tech Swing Long Faves Update:
PYPL pushed right into Aug 2023 daily gap fill at 72.50 and paused. Once above this is a nice oversold trend reversal in play into 100W near 76.
AMD pushed right into 200D, overshot, then digested. Must stay > 152 daily close to work into 166.55 PT.
NVDA worked perfectly into 126.88 PT with overshoot (as expected) into 129.80 where it then paused today, supported by 3 levels of daily support at 127.Best Short Chase:
JD on break of 28.30 - hitting 25.50 afterhours on WMT selling its stake.Best Long Chase (Rithika + Archna took early):
PANW with 369.29 wkly PT given near open as long as 350.60 held. It held and tagged 375 overshoot!Macro still has my focus with USDJPY looking ready to bust 145 into 142 support.
Oil is looking very weak - with yields.Basically, I will tactically help you play market bounces, and continue to strongly recommend XLP, XLV, XLU for safety, size up lots of non-MAG7 swing & trend longs, but overall: I do not like this market as dollar, yields & oil look ready to crash lower. Just sayin'
Rithika's Chase Summary
Rithika chase summary notes:
BXM ( SPX buy write index) up onto a fib level resistance here
VIX above 14.73 pushed into 15.21 area, need above trend line for 16.32 gapfill
SPX seeing some selling if it sees below 5600 we see 5580 again
QQQ 480.14 gapfill tagged, now becomes pivot on the downside we have 477,473 If we flip below 480.14 ;on the higher end we have 483,486
PANW above 356 can head up to 369.29, needs above 370 for 400 if it holds earning slows
PYPL 70.6 tagged above can push to the72.5 and then gapfill at 74
AMD at the 200 day careful could overshoot to 159.72 has a channel to 165 if market goes in pump mode
JD breaks 28.30/28 will head down to fill the gap at 27
COIN breaks 199 we come back to 193 again
NVDA 130 tagged!! getting rejected for some digestion here to 125.52
IWM digesting after hitting 215 target
LLY tagged 945 bouncing into 966 then well see
CRWD possible sympathy bounce possible over 268 into 272 if over 272 can see 275,277
Net volume and breadth still moving higher bigger picture
XLE pushes below 89.29 support then 88.48 next
Michael's Trading Room Summary
AUG 20, 2024 AM
MAG7 - above all daily MA's.
Weighted Dollar / Yields Ratio -
IWF:IWD - still at 2.0... above would be very bullish.
INTERMARKET
T2100 - has not rolled over.
T2104 - Still moving higher.
T2123 - It's trying. Still moving higher.
T2126 - breaking out higher. Melt up
WTI CRUDE - digesting at 73
GOLD (futures) - Firm above 2500 area. Would be a headwind to NASDAQ if it continues.
Bit Coin - trying to get back above. Having a hard time getting it.
FX
Dollar (DXY) - falling - that is equity bullish. weak
USDJPY - sideways.
BONDS
TLT - not a short still.
TNX - 3.8 still the level to break if looking for trouble.
10/2 spread - likely keep it inverted.
INDEX
SPX - 5639 gap fill still. SPX seeing some selling if it sees below 5600 we see 5580 again
IWM - above 215 we could push into 217.
QQQ - 493 - almost there.
VIX - 14.50 daily... could see 16.31 daily if the flows start coming in. Expiry tomorrow. VIX pushed into the 15.21 trendline needs to continue above if it wants to fill 16.31 gap
BXM - just violent.
CHASE
AMD at the 200 day careful could overshoot to 159.72 has a channel to 165 if market goes in pump mode
BXM ( SPX buy write index) up onto a fib level resistance here
COIN breaks 199 we come back to 193 again
CRWD sympathy bounce possible over 268 into 272 if over 272 can see 275,277
JD breaks 28.30/28 will head down to fill the gap at 27
LLY tagged 945 bouncing into 966 then well see
IWM digesting after hitting 215 target
NVDA 130 tagged!! getting rejected for some digestion here
PYPL 70.6 tagged above can push to the gapfill at 74
PANW above 356 can head up to 369.29, needs above 370 for 400 if it holds earning slows
QQQ - 480.14 gapfill tagged, now becomes pivot on the higher end we have 483,486 on the downside we have 476,473 If we flip below 480.14
VIX above 14.73 can head up to 16.31 area. VIX pushed into the 15.21 trendline needs to continue above if it wants to fill 16.31 gap
XLE pushes below 89.29 support then 88.48 next
HONORABLE MENTIONS
ANF - above weekly resistance (172.87) we could get into the weekly TL (180 area)
AMZN - above the 200-day but the trend (weekly) has broken down.
AMD - hitting the 200-day MA. Above the 55-day. Hitting the 21-week MA. 159.72 gap fill... leading the semi's today
AAPL - gaps to fill upside still.
BABA - chop - not time for the china ADR's
BMRN - slight options build-up. Hitting 94 weekly. Firm above the 200-day. Looks decent.
DELL - hovering
FXY - above the 200-day MA. 10/21 weekly crossover has to stick.
GDX - very strong. Key inflection point.
LLY - tapped 964 today; wicked bullish. Above 938.38 into 966 & then we'll see.
MU - still in "repair mode" - 113.50 into 141 if th emood continues.
NVDA - 129.80 took place. 129.82 hourly resist.
NVAX - not happy with it.
PYPL - it was time. Been bullish. 72.50 resistance from 1 year ago.
PANW - 350.60 weekly breakout. 369.29 weekly resistance is next level. Stay above 362 for that 369 PT.
TGTX - An "Alex" play. Robust Rally in the health-care bio-pharma space.
UBER - needs to get / stay above TL.
UPST - PT was 40.82 & we are there.
XLK - gap at $221.77
XLV - STRONG trend
MDT - like it better than BMRN ...
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Samantha's RECORDED Live Trading Room - 8/20/24