SPY was stuck in a tiny range last Friday, making it hard for stocks to follow through consistently on their trend. On days like these, it is especially important to lock in some gains along the way in order to protect yourself against sudden trend changes.
With last Friday and the long weekend in mind, today’s pre-market trading seems to be a bit slower than in the previous weeks. As a result, we won’t join any trends prematurely but will patiently wait for the best setups and join them reasonably.
After a week of consolidation in the $135.00 to $141.00 range, the stock rallied through the $141.00 price level last Friday. We will wait a few minutes into the open to see whether or not the trend continues. If so, we will join a continued long trend on dips.
Different to NVDA, TSLA has yet to break out. However, as we have seen tremendous momentum the past two trading days, we won’t hesitate to enter a long position before the break out – especially on a gap down.
After an approximate drop of five dollars last Friday, ZOES recovered nicely. Throughout the day, the stock set higher lows. The plan is to join a continued long trend with the $15.00 or even $16.00 price level in mind..
AAOI has already consolidated once after an enormous rally and kept on pushing. Now, it consolidated once again and broke through the most recent highs in the daily chart. We will closely monitor how the stock reacts over/under $71.50 to join a possible continued long trend.
Even though DECK first struggled on its initial push last Friday, it closed only a dollar below the high of the day. Hence, the plan is to join a continued long trend.
Analogous to DECK.