Today’s Apple & Nvidia Game Plans
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SPX futures are +38 after a close on the lows Friday. There is no real reason for the bounce, but the Oscillator went out at -45, which was oversold into CPI and PPI this week.
Today is the AAPL iPhone event and ORCL earnings are after the close. We'll see if early strength holds or fades. There is some resistance at 5458, but the real rubber match spot for the week is 5480-5522. The big debate is whether we get 25bp or 50bp on 9/18, and Fed expectations are for 112bp of cuts still for 2024.
Now let's dig into some individual names:
AAPL will be important today. The iPhone event starts at 1:00. Some reports suggest that a few AI features will not be in the new phone. $225ish is pivot resistance. If this breaks and closes below $219.77, it would bring out some sellers. Keep that level on your radar.
NVDA gave us clues to take risk down last week as it broke the $116-$117 area to see a low of $100.95 on Friday. We'll see how it reacts today. Does it get rejected into the $104-$105 area or does it squeeze a bit? If it goes from green to red, it will bring out sellers.
TSLA got hit hard and fast on Friday, getting most actively out or short. This morning it's up with the futures. There is news that China sales aren’t as bad as some thought. The first resistance area is $215-$219 – see how it acts there.
SMCI went from $1229 to a low of $382 on Friday. Shows you anything can always happen. Trends and moving averages matter. I guess see if it holds the morning strength or fades. Most are avoiding it.
PLTR finally got added to the S&P 500. I did take calls for it. We'll see if early strength holds or fades. I will trim some and hold some for the week. $33 is the recent high area.
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Your Tip for This Week: Give Yourself a Chance
I talk a lot about keeping your ego in check.
But at the end of the day, you’ve got to believe in yourself.
You need to know that you can develop trading skills and apply them in the real world with real money on the line.
One of the biggest mistakes you can make is not giving yourself a fair chance.
Too many aspiring traders never get started because they don’t think they can do it.
They’ll spend all day paper trading and reading books, but they’ll never actually pull the trigger.
So get started. Smart small, but start!
This Week's Calendar
This is a big week. Aside from today's AAPL event and ORCL earnings, we have the CPI, PPI, ECB rate decision.
P.S. Don't forget to check out Scott Redler's Power Plays!
Positions Disclosure as of 2024-09-09 at 8.28.48 AM
