Welcome, friends and fellow traders! Today, we’re diving into a pivotal moment for the markets. The QQQ is testing its all-time highs, and with tech stocks rallying back, we’re seeing some major action. With a loaded earnings week featuring big names like Google, AMD, and Visa, let’s break down what’s happening and highlight the hottest setups for tomorrow’s trading session.
Market Overview:
After weeks of range-bound movement in the broader indexes, today saw big tech names break free. This shift, combined with some profit-taking in cryptos, has redirected cash flow back into large caps. With the QQQ taking the lead, it’s clear that risk appetite is on. Here’s what to keep an eye on:
Key Earnings and Analysis:
Google (GOOGL):
- Setup: Google’s earnings pushed it out of a multi-week range, breaking its W pattern neckline.
- Outlook: Likely to have a pullback before the next setup, but expect volatility and opportunities in the days ahead.
AMD (AMD):
- Setup: Mixed earnings saw AMD down 4%, stuck in a broader range.
- Outlook: Could see selling pressure, but focus on other semiconductor plays in the meantime.
Visa (V) & Snapchat (SNAP):
- Setup: Visa shows a breakout pattern forming, while Snapchat earnings have it breaking range.
- Outlook: Both are in play for day trades, with Visa’s trend building and Snapchat showing volatility.
Reddit IPO:
- Setup: A massive 27% breakout with earnings; up over 30% today.
- Outlook: Watch for volatility with the recent surge; it’s a solid candidate for day trades.
Solar Sector: FSLR and EMP:
- Setup: FSLR shows a bear flag after earnings, with EMP retracing back into resistance.
- Outlook: Likely downside potential in solar; add these to your short watchlist.
Watchlist and Trade Opportunities:
Meta Platforms (META):
- Big move into the close as it heads toward earnings. Look for intraday setups, especially on weak opens for a potential rally.
Broadcom (AVGO):
- Partnering with OpenAI and TSM, AVGO had a big day and is set up for more action as tech partnerships gain traction.
Crypto and Nuclear Sectors:
- While crypto (MSTR, MARA and nuclear (smr, oklo) sectors saw slower action today, they remain in play. Today’s pullback could be a breather before another leg up, so keep these on the watchlist.
Trading Tips for Tomorrow:
This week, focus on earnings plays for optimal setups. Use pullbacks and opening range breakouts (ORBs) for intraday moves. When trading earnings, look for high liquidity and volatility, which create prime setups for both day and swing trades.
Conclusion:
With the QQQ at resistance and a packed earnings week, there’s no shortage of opportunities. Big tech, cryptos, and solar are showing setups for both sides of the market. Stay nimble and be ready to pivot from one sector to the next as volatility continues. Looking to sharpen your trading strategies? Check out our 60-Day Bootcamp for comprehensive training and insights.
