The beginning of the earnings season starts this week. There are a few major earnings reports we want to focus on.
On Tuesday, Netflix (NFLX) reports after the close. ASML Holding semiconductor company (ASML) reports Wednesday morning, and Tesla (TSLA) reports on Wednesday afternoon. We’ll end the week with Snapchat (SNAP) reporting earnings after the close on Thursday.
The S&P 500 (/ES) is still at the major structure on the 4-hour chart dating back to March.
/ES failed at $3,900 on Monday and headed toward Point of Control (POC) at $3,828.
If /ES continues to fail, focus on our structure to the downside. Once it breaks $3,828 (POC), our first target will be $3,807 and then $3,741.
With the market being range-bound, it’s setting up the bigger picture.
The Nasdaq (/NQ) ended the session on Monday at $11,911, the daily 21 exponential moving average (EMA). Similar to /ES, /NQ could pop to $12,040, the 50-day simple moving average (SMA), fail through $11,911, and head to its next target of $11,804 (POC).
Here is our focused list:
NVDA — With ASML earnings in mind, if it holds $159, the daily 21 EMA, we want to look for a potential dip buy opportunity toward $168. If it breaks $159, our first target is $152, following $149.
AMZN — Pay attention to its structure. If it holds $113, it could pop back toward the top of the zone at $118, or it could fail through $113 toward the downside structure at $109.
AAPL — If it continues to stay under $152 the first target will be $146. The second target is the daily 21 exponential moving average (EMA) at $143, and the third target at $140.
I’ll be live in the Simpler Day Trading room from Monday to Friday this week to cover the market. Tune in to trade these setups with me live and look for more potential opportunities in the market.
Stay Focused!