TTG Market Observations & Charts 01-23-23
Quick observations (audio message attached for TTG members)
- Breadth strong
- Bonds TLT -0.4%
- US Dollar ~ flat
- VIX -1.4% 19.6
- Crude +0.6% Nat Gas +5%
- Bitcoin +3% Ether -1.5%
Bottom Line: Overall market breadth super strong and once again higher Beta areas outperform w/ SMH +4.6% PBW +4.5% XRT +3.2% BLOK +3.1%. No Fed speakers this week (they are in a quiet period but Lagarde is due to speak at 1:10est today so will see if that creates any intraday volatility) What I also like about today is there are also others area of the market participating ie XOP +2%. For now, I am participating with momentum while taking targets along the way (locking in profits).
Market Breadth Indicator
% change from open
over $5B market cap company movers (via Bloomberg)
TTG Member Weekend Watchlist Updated
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Charts
$ES_F S&P futures Weekly & Daily charts:
Observations
1. I often get the questions, what is the trend of the market / direction? judging by the weekly chart, it is sideways, but doesn't mean price cant explore higher / lower levels before support / resistance is hit
2. Price is moving above the Jan Value Area (2nd chart) intraday
3. Price is moving above the 200d MA (2nd chart) intraday
4. There is a 1hr VPOC (not pictured) @ 4053.75 which could be a place for short term digestion / paise
QQEW - QQQ Equally Weighted
continues to look stronger than QQQ and is now above the Jan Value Area , upside target $97.58 VPOC
Names/ Areas I am watching
NVDA Nvidia
This is a monster move in NVDA today +7% and was a chart i detailed last week talking about top of value resistance , which price is now above , watch $208 and $221 next
MCHP Microchip Tech - Weekly Chart
Watch for a weekly close > $75.49
COST - Costco
moving out of its Jan Value Area, next area to watch 200d MA
MTDR - Matador
Energy names also showing some strength and MTDR seems to have a pattern of dipping then rallying hard. Can use 50d MA as a stop
DKNG - Draftkings
The Superbowl is just around the corner & DKNG sometimes rallies into the events like the Superbowl / March Madness etc. Watch the 200d MA break for or an entry w/ a target at $15.28
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