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META $197 Is the Level to Watch


SPX futures are -30 after hitting a high of 4195 last week. I sold the BOS account and reduced risk across all my trading accounts. Now we see what's next. 4076-4094 is support zone number one (8 day support).

The bigger area is 4015-4048.

SPY gave nice opportunities long. It hit a high of $418.34 to reduce. On Friday, it gave signals to bring risk down. The first support area is $407-$408.64. If we see a move below that this week, the next big spot is $397.50ish-$401.

QQQ's hit a high of $313 last week. On Friday it closed below $306.73. Now we'll see if there's a 5-15-30 minute low to trade against, or if it reclaims $304.57. 8 day support is near $298ish.

We have mostly red arrows around the world after a big start to 2023. Spain's Hot CPI is putting some pressure on Europe, and most of China is lower after a holiday week.

Now let's dig into some individual names:

META has a big earnings gap to be long against. This can give clues on the strength of the tape. See if it holds and  up and clears $197. This will be a focus moving forward. It's been very good to us since December.

TSLA became my 2023 focus again on January 6 on the bullish engulfing candle. It hit $199 last week. In a sea of red, it's up this morning. The SEC case was thrown out. This will remain a focus, but I did sell mine Friday.

AAPL acted well post-earnings. This stock will give opportunities and clues to the tape. I'll focus here a bit more. See if it holds $151ish or sees the $148 gap area.

AMD had a strong move post-earnings. It seems like dips can be buyable if this market stays constructive. $83 is some support. $85.53 is Friday's low.

MSFT hit $263 and closed weak on Friday. It’s on the bottom of the list. See if it stays below $257.10 to fill the gap down to the $255 area.

Scott Redler's positions disclosure as of 2023-02-06 at 7.41.24 AM

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