TTG Market Observations & Charts 01-17-23
Quick observations (audio message attached for TTG members)
- Breadth indicating chop
- Bonds ~ flat
- US Dollar ~ flat
- VIX +5% 19.3
- Crude +0.5% Nat Gas +6.7%
- Bitcoin +8.8% Ether +10%
Bottom Line: A choppy, whippy trading session so far as the SPX is at some resistance for the month (see chart below) earnings season is upon on and the price action in GS -7.2% / MS +6.5% might be what we see out of earnings season (some winners / some losers). Also, note Friday is monthly options expiration and that may dictate some moves this week. For now, I am content to see some of the short term overbought levels cool and I will be watching that top of Jan Value Area resistance to see if price can make it through vs getting rejected in days / weeks (see chart below $ES_F)
Market Breadth Indicator
% change from open
over $5B market cap company movers (via Bloomberg)
TTG Member Weekend Watchlist Updated
Charts
$ES_F S&P futures Daily & 1hr charts:
After a nice start to the year SPX +4.2% price has hit some resistance here
1. top of the Jan Value Area, resistance 4023.75
2. the 200d MA
3. top of value on 1hr chart 4013
In addition, NYMO is short term overbought so to me makes sense to see some chop digestion. What I am watching for is digestion and not rejection. That we will see this week in my opinion.
Names/ Areas I am watching
CDNS Cadence Design Systems, Inc.
Breaking above the Jan Value Area
NVDA Nvidia
80% rule is just about complete, watch that $177.41 top of value, let's see if it can hold and continue to move higher
AMBA Amarella
Trying to move above recent range which is above the Jan Value Area
OKTA - OKTA Inc
Still in a downtrend but for a short term swing watching for a move > $71 and up to $80 PT
MNST - Monster Beverage
Watching closely here for a move of range and above Jan Value Area . note the tight price action over last +month.
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