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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
Great chases today in cyber plays:
CRWD break of 338.45 into 329. Now bearish engulfing on wkly. 318 bounce area once there.
PANW opened at 304 + fell quickly into 302, broke + tagged 296.85 PT. Now bearish evening star reversal on wkly = bounce then trounce down to 50W.
OKTA had decent numbers but sold off violently from 102 to92.
TRANSLATION: HACK IS UNDER ATTACK.
HACK break of 61 wkly support = 58 at 50W as swing short.
NEXT AVGO? Be very careful if long. Break of 1370 wkly sets ups lower in trend reversal potential down to 1308, 1217, 1152
Great chases in SAAS plays on CRM dump:
MSFT as leader of IGV - rejected (read stop) at 430.82 last Thurs + falling into/thru 21D at 420.82. Next up is 417.35 support that needs to get taken out for 409 to come into play.
ORCL broke 122 so swing long fave is removed.
CRM fell PERFECTLY into price targets (likely not done)
WDAY as well (likely done) swing short fave into 206.68 PT.
ADBE falling into 200W at 451
INTU poor earnings really reversed hard at 670.73 into 50W PT + below to 567 (should digest now)
NOW was great chase on gap down below 720.68 wkly support into BOTH PTs: 678 + 660!!
We are still in serious chop mode with more weakness pouring in
DXY is weak with yields and market is falling with it
People are buying puts, and selling calls currently
Only AI tech is moving higher on the back of NVDA nothing else following
SPX below 5250 heading down to 5220,5200
QQQ below 453 we have 451.3 below that 449.5
SAP below 183 pushing down into 180
HIMS 20C in the money now, possible digestion here
AMZN below 180.32 comes down to 177
ADSK below 203 for 197,192.9
MRNA below 145 into 140.8, 135 potentially doesnt look good
ENPH above 128.67 next is 132,134; needs above 134 to get excited
TJX above 103 into 105, 107
BXM is falling which is market can't move higher without bullish option flow
and BREADTH + VOLUME have stopped expanding so contraction is seen is sector sell offs.
IN LIEU OF SECTOR ROTATION THERE WILL BE VOLATILITY
So far, VIX is muted under its 200D. Above is where it gets busy.
Michael's Trading Room Summary
MAY 30, 2024 AM
SAM & CRAIG WILL HOST A MACRO 2 MICRO POWER HOUR AT 4PM
MAG7 - Blue Sky's weekly.
Weighted Dollar / Yields Ratio - got into 300 & rejected back below it. Still above 288.
IWF:IWD - Blue Sky's daily / weekly.
INTERMARKET
T2104 - red yesterday; holding this morning. Weekly - red last week and (so far) red this week back to the breakout level.
T2123 - still weak; getting weaker.
WTI CRUDE - tapped back down; better short than a long. Seems like a lack of demand & the growth over value also seems to be giving impact to this.
Nat Gas - tapped back down;
Bit Coin - softening; Needs to get / stay below 65k
FX
Dollar (DXY) - tapped back down; expecting to stay below 105.80 daily.
USDJPY - Bearish Engulfing in the JGB-10Y & it also has hit 1.10%... looks like it is a little weak now after that move. USDJPY 158 resistance seems to be holding.
BONDS
TLT - 89.50 hourly resistance. trying to rise this morning.
TNX - got tapped back down; 4.616% tagged. Looking to see if we can break support. Still see 4.2%.
ZN (10Y) - side by side with the 2Y ... no pattern yet. Interrupted
ZT (2Y) - side by side with the 10Y ... no pattern yet. Interrupted.
10/2 spread - still looking for negative (-0.60%) but we are back into the wedge (daily).
INDEX
NYSE - Broke under the 50-day; still under the 20 & 10-day MA too.
SPX - island reversal yesterday. Needs to break 5250 to come down. Gapped down into Gap fill; nothing else going on.
SPY - resting on the 20-day MA. Under the 10-day MA.
DIA - congrats on your shorts.
IWM - r2g daily; still under the 10 & 20-day MA but gapped outside of yesterdays range completely & (so far) has held it. 20-day MA resistance around 204.50$.
QQQ - hit the 10-day MA today. 454 acting as a minor support at the 10-day. 446.47 gap fill
BXM - looks the reason for the season. Buying more puts than calls.
VIX - hard for market to sell when vix is red
CHASE
ADSK below 203 for 197,192.9
AMZN below 180.32 comes down to 177
CRM on its way to 214 below 218.80
ENPH above 128.67 next is 132,134; needs above 134 to get excited
MRNA below 145 into 140.8, 135 potentially doesnt look good
NOW on its way to 662,660
NVO 135.19 resistance, above that it has 144.78
SPY 523.83 gap fill tagged, there isnt weakness of size in the market
TJX above 103 into 105, 107
XRT above 75.5 pushes into gapfill into 76.52
HONORABLE MENTIONS
Weakness in Video & Key Semi plays... and Software. SAS getting hit hard. Expecting Cyber to get hit next.
AMZN - toying w/ the 180 daily. Consolidating above it.
ADSK - breaking even below; 203.55 daily level broke. coming into 200 round number.
BBW - really?
BMO - having issues.
BURL - no excitement.
COST - already moved.
CRM - just dumped 16% from $272 to $227 - was 1 of 3 strongest shorts Sam called out this week (presented to clients Tues morning). Don't think it finds support here. Likely rolls over more after it digests this first big move.
CRWD - break support to be short; 338.45.
DELL - earnings on deck; weekly breakout.
DG - don't like the chart.
DIS - a mess.
ENPH - get above 134 & then we'll see.
FL - mostly NKE. Will get tapped back down again.
HACK - breakdown to the 50-week is highly likely. "just getting started"
IGV - mostly microsoft (biggest weighting).
IYT - oversold.
INTU - right to the 50-week; so ... cheers.
ISRG - looks like it wants to move higher - but it has not.
INSM - held after popping up.
JWN - earnings after the close.
KSS - hit hard this morning.
MSFT - rejected on the weekly resistsance level.
MRVL - earnings after the close.
MRNA - coming back in - 130 is where it broke out.
NOW - rollling over; keep it below 721. The 200-day MA would make a good short target (or the 50-week). 678 -PT
NVDA - held the drive higher.
NKE - no interest. - a mess.
OKTA - nasty; forget it.
ONON - weekly breakout. Very Firm. Great Job.
PANW -- coming back down. 302 breaks.
PSTG - great "scooop" pattern weekly; profit taking on the breakout weekly.
PATH - broke lower TL.
$S - looks nasty.
STSS - no interest.
SBUX - a mess.
SMH - weekly breakout looking good.
TJX - like this; trend trade.
TSLA - funny that TSLA is moving higher. Great chase - just not a swing.
THC - big moves higher.
VLO - now it's dumping. 200-day MA PT; going to take patience. First PT - 152.35 daily.
WDAY - Recommended Swing FAV - short March 24 at 272; now 211, so 22.5% gain on stock basis.
XLK - looks like MSFT - rejected weekly high. Getting tanked.
$X - have to stay above 36.00$ ... an M&A threat so careful.
ZS - busted. Forget it. Earnings on deck.
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Samantha's RECORDED Live Trading Room - 5/30/24