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News, Economic Data, and Earnings…ohmy

Earnings and Economic Events This Week

 

Earnings: COIN, RBLX, TTD

Another week of earnings is ahead of us. Notable earnings this week are Coinbase (COIN), Roblox (RBLX), and Trade Desk (TTD), which report on Tuesday.

 

Economic Events: CPI, PPI, Jobless Claims

As far as economic news, the Core Consumer Price Index (CPI) will be reported on Wednesday at 8:30 a.m. Eastern, followed by the Producer Price Index (PPI) and Jobless Claims on Thursday morning.

 

News: 

Last week, Tesla’s 3-to-1 stock split was approved and is going to effect on August 25th. Keep an eye out for potential opportunities as we head closer to that date.

COIN had news last Thursday of its partnership with Black Rock. This caused a good move in the stock, so pay attention to Tuesday’s earnings report.

 

Market Overview

Last week the S&P 500 (/ES) sat at $4,100 and hit a low of $4,081. On Monday, /ES rallied back to $4,153. Nvidia (NVDA) reported a large miss in earnings, missing the mark by $2 billion and causing /ES to drop below $4,153. 

If the /ES starts to break down, our first target is $4,100 and then $4,081.

If /ES continues to fail, it could revert to the mean and bring /ES to $4,032. If /ES gets back through $4,188, our next target is $4,212. Let’s see if the /ES holds structure and finds its feet.

Keep an eye on the structure of Nasdaq-100 futures (/NQ). With NVDA news, /NQ has worked its way back to $13,150. Our next key level is around $13,025. 

If /NQ finds its feet, it could head back toward its Point of Control (POC) at $13,271.

 

Focused List 

Here is our focused list:

NVDA— With negative news, we have our eye out for NVDA and its structure to the downside at $160. Into CPI, if NVDA stays under $174, our next target is $170. Our second target is at $160.

SHOP — We want to take advantage of SHOP as it continues to feel selling pressure around $40. If SHOP can pop to structure at $40.68, we’ll look to short the pullback to $37 and potentially $35.

 

I’ll be live in the Simpler Day Trading room this week to cover the market open. Tune in to trade these setups with me live and look for more potential opportunities in the market.

Stay Focused!