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Sideways Movement Continues?

 

The market is moving sideways, and does not seem to be able to make up its mind about pulling back or rallying higher. Normally we would look into intraday squeezes; however, most of them are not looking very clean right now so our focus is shifting to key levels. There are also some market catalysts such as earnings and investor meetings that are important to review.

Here’s our focus list for the week:

NVDA – Investor meeting on Thursday to vote on stock split. We’re keeping an eye for a continued push through all-time high (ATH) toward 670.

GOOGL – Stalking some squeezes on this one. If it can break 2400, then it has a shot toward ATH.

ROKU – Struggling with the daily Ichimoku Cloud. If it can hold up at the 50 simple moving average (SMA) and break back through 360, then it has a chance to head toward 380.

ABNB – Watching for a chance to buy the dip near 140, and seeing if it goes back above 146 to work its way toward 150.

SNOW – Watching for a chance to buy the dip below point of control (POC). Looking for it to break the 244 zone. This could be a big possible move if it happens.

SHOP – The four-hour squeeze is setting up quite nicely. Watching for it to break 1300, to see if it can work toward 1330 and 1360 to fill the gap.

Stay Focused!