Earnings Week for Important Plays!
Today, the S&P 500 is poised to break records once again, following a new all-time high last Friday. The intraday data reveals a positive opening with a notable gap up, followed by a continuous upward trend. However, the market seems to have slowed down, observe the data for
$SPDR S&P 500 ETF(SPY.US$, nice opening but its consolidating and exhibiting a sideways movement throughout the day. Despite this, the overall sentiment remains positive, with investors seemingly in a holding pattern as they await upcoming earnings data.
Two of the magnificient seven $Netflix(NFLX.US$and $Tesla(TSLA.US$ earnings data will be out this week. An important week to watch the market movement. Looks like the tech sector has continued all time highs particularly in the likes of
$Microsoft(MSFT.US$, $Advanced Micro Devices(AMD.US$ , $VanEck Semiconductor ETF(SMH.US$ and of course the darling $NVIDIA(NVDA.US$ all have reached the 52wk High for 2024.
What can we expect in terms of price movement today? It's crucial not to become overly fixated on the rally, as ongoing data reveals vulnerabilities, evident in the broader market sentiment such as hiring data, CPI. Staying alert and vigilant remains imperative in navigating the current landscape. A pullback for all tech stocks will surely be inevietable, what goes up will surely come down…be alert!
Even $Meta Platforms(META.US$ has reached a 52wk High and there seems to be huge run moving up continuing from last week. Notable events this week include earnings reports from Netflix and Tesla, along with the release of the PCE number, which is the Federal Reserve's preferred inflation gauge.
Don’t catch the rocket particularly when there are indicators of huge market movement this week. I will be watching particularly to get more shares of $Tesla(TSLA.US$, particularly if it reaches my target bottom around $180 to $190 range. Anticipating the upcoming trading session for today, I expect Tesla to commence trading at $210 price point. Throughout the day, guided by the 14-day moving average range, the stock is expected to fluctuate within the range of $200.44 to $217.16. This establishes a potential trading span of (+/- 4%) in either case of bull or bears from the last closing price considering the stock's highest support level at $205 in comparison to the resistance at $212, I do believe profit can be made before it reaches its first resistance. Of course my long term plays continues for ;
$Vanguard Total Stock Market ETF(VTI.US$ and $Vanguard S&P 500 ETF(VOO.US$ which consists over 50% of my overall portfolio.
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Believer in value investing, swing trading on momentum plays
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