Amazon Can Break THIS Again
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SPX hit a high of 5733 after the Fed cut rates 50bp. We'll see how the market digits into what some say will be the toughest two weeks through year-end. We'll see if 5651-5674 holds, or if volatility picks up.
We had a few nice opportunities in tech last week. Now we see if the QQQ's can hold $478 to keep commitment to the recent rally.
Now let's dig into some individual names:
AMZN became another nice swing long since reclaiming all the moving averages around $178-$179. It hit a high of $191.84 Friday. I'd think it can break back over the $200 area again. However, I only want to buy it on dips because chasing it doesn't work.
META finally cleared the 8-month channel and paid traders in many ways. I did have calls on it as it hit $564, and our Power Plays service is still in half. This morning it's higher. I’d trim and look to buy dips.
NVDA had a big sell imbalance last week, so it was on the weaker side. We'll see if that changes now. $115.39 is Friday's low to trade against. I'd like to see this wake up. $113 is a big spot. Below that, it can be a headwind. Above $118.65 and it might get more upside volume.
DASH has been a great focus and the $128 area. It's had multiple upgrades and looks like it's going much higher.
RDDT is still building a huge base from the IPO. Last time it tried to break out, it failed. I did buy some last Monday. It cleared $62 to see $67+ to manage. $61ish needs to hold. It can also accelerate higher.
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Your Tip for This Week: Treat Trading Like a Business
Trading attracts people with competitive, individualistic mindsets.
But it’s actually a team sport.
I can promise you, I would not be where I am today without the support of my partners and colleagues.
They made me better, and I hope I’ve made them better.
So get out there and start talking with your fellow traders, whether it’s online or off.
When a group regularly shares ideas and techniques, everyone gets better.
This Week's Calendar
Today will be quiet, but this week is big with the PCE Price Index, GDP, Durable Goods, and other economic reports. Plus, Micron (MU) and Costco (COST) earnings will be in focus.
P.S. Don't forget to check out Scott Redler's Power Plays!
Scott's Positions Disclosure as of 2024-09-23 at 7.46.32 AM
