My Tesla Game Plan – Watch THIS Level
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SPX futures are -28 after Friday's afternoon rally which took us to the upper end of the two-week range. It's been a choppy trade with lots of false moves. We'll see if dip buyers defend the 5581 active support area. A close below that, and I think active traders like me might reduce risk again. 5651 is key upper support.
This week, we have Manufacturing ISM at 10 a.m. today, AVGO earnings after the close Thursday, and the NFP report on Friday.
Now let's dig into some individual names:
TSLA showed a little power on Friday and is up a little this morning in a sea of red. I'm long small, and if it can hold the $214 area, I'd think it has some room towards $224ish.
AAPL led the move off the 8/5 lows, and it's been above the 8-day since then. If you're active, I'd use $227.48 as key support. A break of that, and it can give clues that tech might be pressured, so keep your eyes on it.
AMZN had its first relative strength day in a while. It cleared the $174 area to see $178.90 on Friday. It's down small this morning. Let's see if it can go red to green and continue to get better.
AFRM gave us a pro earnings gap to trade against at $37.52, and then Friday went red to green to see $44.89 for extra cash flow. That gap needs to hold.
LLY held the $825 pro earnings gap and regained leadership again. It's been above the 8-day since then. Buying a dip is easier than trying to add on strength. It tagged the $972 ATH last week but faded, so watch size if you're active. $930ish is key upper support.
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Your Tip for This Week: Develop a Pro Mindset
You can have a 180 IQ, but to succeed, you’ve got to adopt the mindset of a pro.
Pros don’t think about Ferraris and private jets while they’re trading.
We think about what we could lose.
When you’re doing this for a living, your paycheck can actually be negative if you give enough money back.
So always keep the worst case scenario in mind, and be ready to act to avoid it.
Because while it’s important to win, it’s equally important to not lose.
Every penny you avoid losing is another penny you don’t have to earn.
This week, we have Manufacturing ISM at 10 a.m. today, AVGO earnings after the close Thursday (key for semis & AI names), and the NFP report on Friday.
P.S. Don't forget to check out Scott Redler's Power Plays – Get My #1 Idea Every Week.
Positions Disclosure as of 2024-09-03 at 8.07.05 AM
