The Rock Trading #TRT
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Well.. flat week.
🕑 Added 2024-06-21 19:15:08 +0000 UTC$SPX $QQQ ends the week virtually flat even though $GOOG saw a new ATH today, $NVDA WAS #1 company in the world earlier this week but reclaimed by $MSFT - for a no big data week, this isn't really all that bearish. Some cool off after we saw 5500 $SPX was warranted but the dip didn't break 5450s.
This leads to me to believe we will retest 5500 again at some point next week ahead of GDP and important PCE data (FEDs preferred inflation gauge).
Next Week Data:
M: NADA
TUES: CB CONSUMER CONFIDENCE 10AM, COOK 12PM, 2 YEAR 1PM, BOWMAN 215PM
W: 5 YEAR NOTE 1PM FED BANK STRESS TEST RESULTS 430PM
TH: JOBLESS 830AM, GDP 830AM CONSUMER SPENDING 830AM
FRI: PCE 830AM PERSONAL INCOME 830AM CHICAGO PMI 945AM MICHIGAN 10AM
Monday - Wednesday might be a little boring ahead of GDP data on Thursday. Our upside target next week is 552 on good inflation data, and downside 543/542 to retest the support level.
Semi's ran HOT overnight on Holiday, but have given up all of the gains and more on Thursday Friday. I expect $NVDA $ARM and others to be major watches next week for BTD opportunities. $NVDA printed hammer, $ARM too and $MU has earnings on Wednesday after close. I see value here on $MU after filling the 136 gap today.
Lastly, $MSFT looks like a big move is coming above 450s.
$SPY Plan Attached.
Have a great weekend.
