Trade of the Week
Bull Put Spreads in Fast Casual Leader Basing at Long Term Support
Chipotle Mexican Grill (CMG) has now started to base near long term support of its one year anchored VWAP and value area point of control near 52 after correcting from highs after the split. CMG has formed a solid double bottom low at 48 earlier this month after it...
Social Communications Giant Setting up Breakout to Highs
Meta (META) shares continue to setup bullish action on both short and long term timeframes with the weekly chart extremely coiled as the weekly MACD nears a bull cross. This likely pushes the stock to 600 eventually but in the near term the bull flag formed near highs...
ETF Sector Corner: Materials Build Higher Base for Weekly Chart Breakout
Materials Select Sector SPDR (XLB) – This ETF is one of several funds offering exposure to the U.S. materials sector, a corner of the market that may be appealing for investors looking to gain indirect exposure to commodity prices through the stocks of companies...
Bull Put Spreads in Software Name Carving Out Long-Term Bullish Base
Adobe (ADBE) has now regained its monthly value area after a successful retest of the rising 55-day MA earlier this month near 515 and also closed last week above its 200-day MA which sits near 545. ADBE continues to hold above its YTD VWAP and the big earnings gap...
Top Tech Giant Eyes Former Highs into Product Launch
Apple (AAPL) continues to be one of the top stocks in the market this month as it is one-timeframing to the upside with each candle since the Aug 5th lows not breaching the prior days lows. Now seeing its gamma levels rising higher with the key call wall up at 230...
Bull Put Spreads in Oversold Smartphone Chip Name
Qualcomm (QCOM) has now pulled back about 30% off highs with the rest of its chip stock peers and this week tested and bounced from the two year anchored value area that comes in near 153. QCOM can see a rebound going into September with the coming Apple iPhone 16...
Quick Breakout Trade Setup in High Beta Auto Play
Carvana (CVNA) is holding up quite well relative to the market as it closed just above its 8 day EMA and bounced nicely off the 55 day MA last Monday in the market chaos. A coiled squeeze pattern developing in the name with a still high short float at 15%, although...
ETF Sector Corner: Healthcare Seeing Relative Strength in Turbulent Tape
Health Care Select Sector SPDR (XLV) – This ETF is one of the most popular options for gaining exposure to the U.S. health care sector, and as such might be an attractive option for investors looking to tilt exposure towards lower risk industries. XLV is among the...
Bull Put Spreads in Top Retailer with a Defensive Angle
Costco (COST) has now pulled back about 10% from its highs after announcing fee increases and nearly tested its rising 21-week EMA last week before rebounding a bit to actually close green on Friday in a ugly tape. Costco has a consumer staples safety bid also...
Relative Strength Discount Retailer Sets Up Quick Breakout Trade
TJX (TJX) is showing solid relative strength and still in a clear uptrend as it held up well Friday and is a potential candidate for a break higher above monthly value this week if the market can see a snapback rally off the current oversold conditions then TJX can...