TLDR;
This YouTube video provides a market update, focusing on key levels for SPY and QQQ, analyzing the Magnificent Seven stocks, and highlighting potential trade ideas. The analysis includes both bullish and bearish scenarios, with an emphasis on identifying retest opportunities and breakout levels.
- SPY and QQQ are facing rejection at their 200-day moving averages, but a bounce is still expected.
- Nvidia is expected to reach 189 by next Thursday, with a high probability.
- Several stocks, including AMD, TSM, and Cipher, are showing promising breakout patterns.
Market Overview: SPY, QQQ, IWM [0:12]
The presenter notes that SPY and DIA are facing rejection at the 200-day moving averages, while IWM shows strength by staying above this level. Despite the rejection, a bounce is still anticipated, particularly with Nvidia expected to continue its upward trend. Sideways action or further upside is expected, potentially reaching the weekly 21 EMA on SPY around 670. Key levels for SPY include downside targets at 654.24, 649.89, and 644.72, and upside targets at 662.62, 669.66, and 675.79. For QQQ, upside targets are 591.33, 594.76, and a daily 21 EMA at 597, while downside targets are 585.96, 581.93, 578.54, and 574.63. IWM is showing strength, holding above its 200-day moving average and breaking retesting off 2446.
Magnificent Seven Stocks Analysis [3:49]
Nvidia is expected to reach 189 by next Thursday, with a 70% probability. The stock rejected the daily 21 EMA but is retesting a breakout point. Apple is basing above its 200-day moving average, with a short-term target of breaking over 255.13. Amazon is likely to take out 212.80 and push towards 215.70, retesting a bare flag. Google looks heavy, with its 4-hour RSI oversold, while Microsoft shows weakness, spending two months in oversold territory and falling below its 200 EMA. Tesla rejected the daily 21 EMA and 200-day, with a breakout point at 396.23. Meta is showing significant weakness with ten consecutive red candles, suggesting a potential green day is near.
Trade Ideas and Stock Analysis [9:41]
AMD broke above 209.21 and hit the 220 target, with a short-term target of 227.30 and a potential move to the golden pocket between 237 and 250 by next week. Taiwan Semiconductor Manufacturing (TSM) is expected to retest after breaking above 347.95, with targets at 357.35 and 364.65. Cipher got a breakout over 1548 and retested that level, with a potential pullback into the 21 EMA before a larger push. Marvell broke over 94.20 and is heading towards 102.77, but the daily RSI is overbought, suggesting a need for consolidation. VAV had a 5% continuation move.
New Stock Picks and Potential Moves [14:13]
Nvidia is still expected to reach 189, and AMD is expected to continue its upward movement. NBIZ is consolidating around the 9 EMA, with a watch for a break over 121.31. Cipher is being watched for a retest of the 21 EMA and a larger push. Robinhood (HOOD) is showing signs of waking up, with a potential break over the 21 EMA following a $1.5 million buyback announcement. APLD is being watched for a break over 29.43. Annet is consolidating around the 200-day moving average, with a potential breakout at 141.41 leading to 151.80 and potentially all-time highs.
Space Stocks and Other Opportunities [17:17]
Space Exploration Technologies (SpaceX) IPO is rumored to be coming out next week, which could positively impact smaller space-related companies. AEye (AEYE) is pushing up to the top of its range, with targets at 10.279 and 10.66. Rocket Lab is also being monitored for a strong close above 74, indicating a potential move up next week. Intel (INTC) is still expected to move, with a watch for a break over 49.17 and targets at 51.28 and 54.60. Trade Desk (TTD) looks like it will take out 211.08, with bounces likely to be sold. Palantir (PLTR) is building structure under the 200 DMA, with expectations to stay in its range or push up. Luminar Technologies (LAZR) is pulling back and might retest 6952 before continuing higher. Alpha and Omega Semiconductor (AOI) is being watched for a pullback to 103.41.
