Broader Market
$ES / $SPY
https://www.tradingview.com/x/QMoQfhoY/
The uptrend has officially resumed as we made new ATHs last week. Everything looks healthy and perfectly intact. As far as how I will treat this week, I am looking for any pullbacks to support to get long strong names or any extensions that get pushed towards the 4276-4284 area as possible areas where I could possibly look to fade names with relative weakness that have pushed into levels of resistance. Areas of support on ES are going to be 4199, then 4190, and finally 4160.
$NQ / $QQQ
https://www.tradingview.com/x/r4gtfBNX/
The Qs have still not quite made it to their ATHs, but I don’t see any reason at this point why they wouldn’t. Just like with the S&P, everything is looking healthy here. Will look to play tech names the same way as mentioned with the $ES. Dips to support will offer good spots to get long strong tech names and extensions into areas of extremity will possibly offer spots to fade the tech names showing relative weakness if they are pushing into resistance. Really don’t picture things getting extreme enough to look for fades. My eyes will be stalking the pullbacks to support. Levels I’m watching for are $13,670, $13,618, and $13,516.
$BTC
https://www.tradingview.com/x/shlQ1L6M/
Bitcoin spent last week chopping around doing a whole lot of nothing. Remember from prior Sunday Preps, if this is going to have any shot at a meaningful move back to ATHs, I really feel like it NEEDS to go sideways for quite a while and put in a healthy base. Any pushes up that happen prematurely will most likely be sold off. Over $40,900 and it will most likely ATTEMPT to push up. Under $30,000 and it’s in some more trouble though. I really think they just need to hold over 30k and put in a few more weeks of basing. We’ll see what they do.
MarketSmith Industry Rankings
TOP 30 GROUPS
BOTTOM 30 GROUPS
Long Setups
STRONG STOCKS LOOKING FOR CONTINUATION
$M
https://www.tradingview.com/x/JUi3D1VJ/
Yes, I know this has been in the Sunday Prep a few times now, but c’mon! It’s such a beautiful setup here. It broke out last week and retested the breakout area. I am definitely looking to get long this name on any dips. Will either look to buy an opening flush risking Friday’s Low of Day (LOD) or if it just pushes out the gate then I will look to join trend on dips.
$DKS
https://www.tradingview.com/x/b1T0g8d1/
I can hear you already with the “omfg Ricky, AND DKS again too!?!?!” Yes DKS again. Just go look at the previous Sunday Preps and what was mentioned on the name and then tell me that this isn’t shaping up for a big move. Come TF on. Over 100.85 and she can fly. If she offers a dip towards 98 I’m probably going to put on a few and try to give it room to work. But just like $M, if she pushes early then I will be looking to join trend on dips.
$ZM
https://www.tradingview.com/x/wyr8REWk/
Beautiful breakout of the falling wedge last week. Really think an early flush Monday morning towards 358 gives a great opp to scoop some of this and see if it wants to continue it’s push. Keep in mind the ATR on the name is 14points. So I would keep a tight stop on the entry under 357 and look to re-enter lower instead of just letting it go against me to the next area of interest. 354 is where I would take my next shot and even then I would be risking against that 352.80 area from Friday. Also, important to point out that there are always different ways to enter the trade. You can wait and see if support comes in around those areas before putting the trade on. You don’t just have to buy it as it’s flushing down there.
OVERSOLD REVERSION SETUPS
$CAT
https://www.tradingview.com/x/avUUoMyG/
When I saw this chart pop up in my Finviz screener, I literally thought to myself “errmagawd.” Just look at how juicy that 215 area looks!!! If we are blessed with a flush down there I will DEFINITELY be buying this for a bounce.
Short Setups
WEAK STOCKS LOOKING FOR CONTINUATION
$PENN
https://www.tradingview.com/x/hwSSRvsE/
Bit of a bear flag forming here right under the 200d. Thinking if this can lose last week’s lows then it might get a leg down. Have an alert set for under Thursday’s lod and will look to short pops after it triggers that.
OVERBOUGHT REVERSION SETUPS
$ASAN
https://www.tradingview.com/x/cxnxozL6/
This has almost doubled in the last month. Not ready to short it yet since it’s just breaking out here, but if it were to rip straight to $50 I would be looking for it to start to show signs of weakness for a possible fade.
Earnings
Here is this week’s lineup
$ORCL
https://www.tradingview.com/x/f5h4V2v2/
Only looking to get long this name with a daily chart like that. Only way I would consider a short is on some sort of absurd move. But if they sell off on the numbers then the purple areas are the areas where I would be looking to scoop this for a bounce. Will obviously depend on where the numbers send this thing.
$LEN
https://www.tradingview.com/x/QF48gBAt/
If the numbers send it tumbling I’ll be down around the 200d for scoops. If she rips off the numbers I would be looking to fade it into the 50d. Simple.
$KR
https://www.tradingview.com/x/ifNdfmQT/
Really hope this gaps down into the 20d/50d area for scoops. This would be one that I might even throw in the SEP account
https://www.tradingview.com/x/H157aRDO/
Weekly chart gives it even more clarity.
$ADBE
https://www.tradingview.com/x/gYYAOEzH/
One of the sexiest weekly charts I’ve seen in a while. Will be looking for opps to get long this name. If we’re lucky they miss numbers and give us the ability to get shares as close to $500 as possible. But if they beat, my guess is that this will have people chasing. I refuse to chase price and will instead wait to see where price settles and then stalk an entry later.
