Merchants,
I hope you all had a beautiful Thanksgiving!
A number of of my concepts from final week not solely performed out to a T, but in addition stay in play for greater lows /continuation.
There was additionally a pleasant uptick in small-cap exercise on the backend of final week, so I anticipate and hope for continued elevated liquidity and vary with day 1 small-cap gappers. That may basically come down as to whether the IWM can stay above its prior resistance at $245 and set up help.
Equally, within the total market (SPY), I’d wish to see dips into the 20-day/50-day SMA discover help and set up the next low. That may give me nice confidence in momentum into year-end.
Alright, let’s get into a couple of concepts for the upcoming week.
Aid Bounce in SMR: Just like my plan and commerce in MSTR / IBIT from final week, I’m searching for a aid bounce in SMR. After a big selloff, the inventory lastly bottomed out final week and closed close to the 10-day SMA. I’ll be searching for a push above Friday’s excessive and 10-day SMA as entry, as long as we base above that stage. I’ll have a LOD cease and trim into intraday energy while holding a core for a multi-day bounce alternative. I’ll be wanting throughout the sector for indicators of relative energy. For instance, OKLO is perhaps one other identify I think about using to precise the thought.
*Please be aware that the costs and different statistics on this web page are hypothetical, and don’t replicate the influence, if any, of sure market elements equivalent to liquidity, slippage and commissions.
Larger Low in Bitcoin / Ethereum: One of many standout alternatives from final week was the aid bounce commerce in Bitcoin / MSTR / Ethereum. Going ahead, I’ll be searching for a pullback towards the 10-day/5-day or prior key help ranges. I’d wish to see the next low confirmed on the hourly chart to arrange a possible re-entry in opposition to the day’s low, for one more multi-day alternative.
*Please be aware that the costs and different statistics on this web page are hypothetical, and don’t replicate the influence, if any, of sure market elements equivalent to liquidity, slippage and commissions.
Lengthy Scalps in OPEN: Extremely uneven identify inside this greater timeframe consolidation. The one curiosity I’ve is on a shorter timeframe, while it stays on this vary, sub $9. If it builds above Friday’s excessive, I’d be open to searching for consolidation breakout alternatives, concentrating on a transfer towards $9. If this, within the coming days or even weeks, holds above $9, I would shift my focus to a possible swing commerce…however that’s a protracted shot for now.
*Please be aware that the costs and different statistics on this web page are hypothetical, and don’t replicate the influence, if any, of sure market elements equivalent to liquidity, slippage and commissions.
Breakout in LMND: A bit late to the social gathering, given its multi-day transfer off its 10-day SMA. Nonetheless, I’ll maintain this on my radar going ahead, given its bullish consolidation close to crucial resistance. If this continues to construct, adopted by a breakout via $80, I’ll look to be lengthy in opposition to the LOD for a multi-day swing lengthy.
Further Concepts:
RKLB: Looking forward to a transfer above final week’s excessive to hitch the development for a multi-day bounce opp, probably towards its 20-day.
*Please be aware that the costs and different statistics on this web page are hypothetical, and don’t replicate the influence, if any, of sure market elements equivalent to liquidity, slippage and commissions.
GME: Robust transfer off its 52-week lows. No plan as of but, however I’ll maintain it on watch given the elevated consideration on-line—ideally, additional extension to the upside.
*Please be aware that the costs and different statistics on this web page are hypothetical, and don’t replicate the influence, if any, of sure market elements equivalent to liquidity, slippage and commissions.
SLV / GLD: Spectacular breakouts final week, as beforehand talked about re: GLD lengthy concept final week. Persevering with to observe intently for dip-buys and momentum.
*Please be aware that the costs and different statistics on this web page are hypothetical, and don’t replicate the influence, if any, of sure market elements equivalent to liquidity, slippage and commissions.
SMX: Liquidity is more likely to dry up right here. Nonetheless, if it has a failed push greater and a pointy fail, I would be a part of the development for intraday quick scalps.
*Please be aware that the costs and different statistics on this web page are hypothetical, and don’t replicate the influence, if any, of sure market elements equivalent to liquidity, slippage and commissions.
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