Arete Sunday Newsletter
More selling on Monday?🎱🏹
More selling on Monday? That is the question. While we are clearly forming a bottom on the Nasdaq. We are seeing some pressure from outside sources. Over the weekend Cryptocurrencies fell again. Bitcoin was down more than10% on Sunday making a new closing low. Ethereum was down 14% at the time of writing this. For better or worse technology and cryptocurrencies are linked. Now we did see some signs of uncoupling last week. We need to see more. The bottoming process of the Nasdaq is in its early stages. Another margin call in crypto could trigger another wave of selling in the Nasdaq. As crypto gets hit and the Nasdaq rebounds as it did last week. The decoupling will continue. This is good for us as several stocks are setting up to break out.
The $SOXX tested the recent low and bounced 8% in two days. It might need a rest before breaking through the 50-day moving average. That said $NVDA announced a 4 to 1 stock split and looks to be getting ready for a larger more. Also, $AMAT is setting up nicely. If we look at the $QQQ We ran right to the 21-day moving average and rejected. Settling at the 50-day moving average. Watch tomorrow’s open of the $QQQ a lower low on the daily chart could lead to some selling. Using significant weakness to buy is a better strategy than buying breakouts. Use this to your advantage.
I continue to see the $XLE rejecting. The energy sector is starting to roll over. People are paying $6 dollars in some parts of California for gas. This is unsustainable. Eventually, the pricing will come down and wreak havoc on the sector. Technical analysis shows us this and we can be ahead of the curve.
The $KRE, regional bank index, and the $XLF both look solid. They tested the 21-day moving average and then started to begin to climb again. $DPST is a 3x ETF of the regional banks and I covered it on Saturday’s video. There is a link to it below.
Key levels are marked on the charts! Let’s do this!
Let’s look at the indexes!
Let’s look at our stocks!
You are going to see more stocks added shortly and new leaders emerge. Consider watching the videos and turning on notifications on Twitter. This market is moving very fast.
Subscribe to YouTube! 👈Subscribe and turn on notifications. Below is a video of Thursday’s game plan for tomorrow. It’s packed with actionable ideas. I walk through several trades. Consider making these videos a daily part of your routine. I go over the lessons from the trading of the pro series during them and point them out in real-time situations.
As always all investment decisions need to be made by the individual. We all have different risk profiles.No two people trade the same. Understand the buy points, stop losses, trims are suggestions. For example on stops. I want to see it close there at the end of the day.
You need to develop your own process. I am willing to help and offer feedback.
Please make sure you Subscribe to Twitter! 👈and turn on notifications. There are times my updates are timely in regard to the Newsletter as well as other ideas. I called levels on $RBLX and $UPST on Friday.
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Wishing everyone Massive success! 🍀
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