🗓️Weekly Report: Probabilities are stacking to the low

16 Apr

GENERAL MARKET REVIEW
The stock market kicked off the day on a high note, with stocks initially experiencing gaps upwards and a brief period of appreciation. Nonetheless, these early gains were short-lived, as the market faced significant downturns for the remainder of the session.

In today's trading, both the S&P-500 and Nasdaq indices have fallen through their 50-day moving average markers amid substantial trading volumes, signaling a bearish outlook. This further reinforces the notion that holding cash remains the superior strategy.

We'll begin our chart analysis with a look at the Nasdaq-100 ( QQQ ) and S&P-500 ( SPX )

SPX-500

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META
Sliced today and looks like it is heading to the 50D SMA. Could see a bounce but it is very much market dependent



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NVDA
Carving out a nice base with earnings coming on 22APR (Wednesday). The next buy point is above the $974 level on high volume, however I will look to play a pivot breakout before hand near the danger point, so that I would look to hold into earnings (IF I GET CUSHION)



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SMTC
Down just fractionally today. It is setting a Bull Flag Pattern. If it breaks the lower side of the channel I d cut it loose.