📈EARNINGS MIXED! POWELL SPEECH.

Another mixed day today in the Indexes. The good news is that we are seeing some stabilization for now. The SPY is having a hard time breaking the 4125 level and that has become major support. Over the course of three days traders have put on massive bearish bets to get the SPY below. All bets have failed so far. We are seeing similar resilience in the Russell 2000 and the Nasdaq. The Russell 2000 is acting very strong even as rates climb. The 10 year treasury is over 3.1% which is bearish for equities but the index refuses to drop. Smaller capitalization names are more affected by interest rates. This is shaping up to be simply a pullback on our way to continuing the basing process. Overall earnings have not been bad. This evening SNOW crushed earnings expectation and raised guidance. The stock is trading up over 20% after hours. We are seeing a realignment in corporate spending. This is good as it will weed out the weaker companies. This is exactly what happens during recessionary times. As the markets search for a bottom new leaders will emerge. New sectors will begin to look at attractive. Energy has been one of those sectors and looks like it will continue. Look at the charts and key levels below for some ideas. Now not everything is rosy. Inflation is out of hand globally and certain leading companies are missing earnings. NVDA missed revised guidance and warned of troubling times ahead next quarter. The conference call this evening did not inspire confidence. As we stated new leaders will emerge and it’s possible that software will lead for a while. We need more time and more than one quarter of solid earnings. Friday Jerome Powell will speak at Jackson Hole Wyoming. The timing of this meeting is perfect. The number one economic data point the Fed is focused on is the core PCE price index. This will be released Friday at 8:30 am. The estimate is .3% vs last month at .6%. The PCE focuses on data the comes from businesses where CPI focuses on data from consumers. If you remember last PPI reading was -5.0%. Anything can happen but his timing is impeccable. Below are key levels of the indexes and stock ideas from our trading community. There is a video link at the bottom where I walk through CRM,SNOW, NVDA in detail and explain the precarious position TSLA is in with its split tomorrow. Let’s get to it!

Let’s Look at our Indexes !

Let’s Look at our Stocks!

Subscribe and turn on notifications. There is a new daily video after the market Monday through Thursday! It’s called the Top 5 in 5. It consists of the best five ideas for the next day and I condense it into 5 minutes. It’s loaded with actionable ideas. It’s worth your time. It is hyper specific and actionable. Tonight’s includes Longs and Shorts. When you subscribe turn on ALL notifications so you are notified of the daily Premarket live shows ,Top 10 Weekly Buy List and educational videos. Also, Once subscribed you will receive private content on YouTube. The video below is the Top 5 from tonight and focused on several technical levels. Pay close attention to what is said about how to trade TESLA on the stock split. It’s at the very beginning.

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. You need to develop your own process. I am willing to help. If you have questions email me Arete@Aretetrading.net. For example, to stop losses, I like to see them close. That does not mean that fits everyone’s risk profile.

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