TTG Market Observations & Charts 01-30-23
Quick observations (audio message attached for TTG members)
- Breadth weak
- Bonds TLT -0.1%
- US Dollar +0.2%
- VIX +7.5% 19.9
- Crude -0.9% Nat Gas -3.7%
- Bitcoin flat Ether -1%
Bottom Line: Some well needed digestion imo after big momentum in growth names ahead big events this week which includes earnings reports & Central Bank Meeting (US Fed on Wed and ECB Thurs) so I am trading lightly here and do not want any major exposure into these events. I have outlined short term levels to watch in S&P futures and the QQQs below. A couple themes playing out to day are 1. Auto part / dealers are rallying ie CVNA AN KMX ORLY and Defensive areas are outperforming XLP XLU.
Market Breadth Indicator
% change from open
over $5B market cap company movers (via Bloomberg)
Charts
$ES_F S&P futures Daily & 1hr charts:
Daily chart - price is moving lower today, but still above the Jan Value Area. watch 4024.25 support
1hr chart - Price has fallen inside the Value Area for the week (2nd chart) and if price cannot regain 4072.75 the 80% rule calls for a move down to 4008.25
QQQ Daily & 1hr charts:
Daily chart - Price still inside the Jan Value Area, note hit resistance on Friday $296
1hr chart- 80% rule also now in effect here, as price moved from above Value to inside Value Area , bottom of value $284.77
Names/ Areas I am watching
FLEX Flex LTD
Dip here in a name that had good earnings last week, i have an alert set to $23.4 to start a swing position. Checking back to previous support.
BA Boeing
Watching how BA handles a move back into 20d MA, like the small pull back here if it can hold 20d MA
ZIM - Zim Integrated Shipping
Shipping name in a downtrend (and I normally don’t trade names in downtrends), but for a trade can target VPOC up at $21.4 w/ stop price at $18.7
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