Monday Market Pulse
RLT Newsletter
The markets finished the week on a bullish note as Friday extended Thursday’s strength with another solid move higher. While we’ve been trading in a choppier environment recently, the bigger picture on both SPY and QQQ continues to suggest that higher prices are likely ahead.
If we’re fortunate enough to see a pullback from the QQQ triangle pattern, I think that dip would be very buyable and could provide an excellent opportunity to add long exposure. Until then, the bulls continue to have the advantage. The primary trend remains higher, and trading with the trend is usually where the easier money is made.
QQQ Daily Chart
The NVDA analysis I posted on Thursday played out almost exactly as anticipated. Traders who were paying attention had the opportunity to rake in cash from Friday’s move as NVDA rallied through the gap fill and continued higher. It was a great example of how having a clear thesis with defined levels and a plan can put the probabilities in your favor.
NVDA Daily Chart
Since I’m still on Aerial BVI with my family, my bandwidth is a bit limited. I’ll be traveling home all day on Tuesday, but everything will return to its normal schedule once I’m back.
In the meantime, I asked Jerremy Newsome to put together a video covering the current market, where he thinks we are today, and where he believes we’re headed next. Be sure to check out the video below!