TRADE PLAN for Thursday 📈
$S&P 500(.SPX)$ closed +119 on the day and $Invesco QQQ(QQQ)$ closed at +6.5. SPX tested 7700 a few times but couldnt get through today. Once we see SPX through 7700 and QQQ above 700 the market should be bottomed. Wait for these levels to line up.
There was a significant amount of weakness in semiconductor and Datacenter stocks today. $NVIDIA(NVDA)$ closed right at 200 and we saw $Dell Technologies Inc.(DELL)$ drop almost 9%, $Micron Technology(MU)$ down 7%, $SanDisk Corp.(SNDK)$ down 8%.. A rotation into $Amazon.com(AMZN)$ $Apple(AAPL)$ $Microsoft(MSFT)$$Meta Platforms(META)$
Happened today.
Once the semiconductor/AI names can start to lead again, we may continue to see more chop over the next couple days. We want to see $Advanced Micro Devices(AMD)$ back above 500, $Dell Technologies Inc.(DELL)$ near $400,
$SanDisk Corp.(SNDK)$ above 1100 and $Micron Technology(MU)$ back above 900 for the market to look more bullish. Until those levels line up, be more cautious trading tech.
Good luck tmrw everyone!! 🫡
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