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Keep your face always toward the sunshine - and shadows will fall behind you. ~ Walt Whitman
This Week at DTI
Wednesday
- 10am ET - Academy (Learn More)
- 11:30am ET - Flash Market Meeting (Join Here)
- 4pm ET - Midweek Market Update (Register)
Thursday
- 10:30am ET - Academy (Learn More)
Friday
- 3pm ET - Weekly Wrap Up (Register)
Market Review - Chuck Crow Highlights
SMCI dipped down below support. WMT still has not bounced, and NVDA broke below the 134.03 support 1. SMCI
1. SMCI
SMCI two weeks ago broke above the January high at 38.50. That is the lower white line on the chart. The speculation was that they could challenge first 48.00 and possibly 67.00. The second white line on the chart is the 48.00 level. The third white line is at 54.30. The market moved down below the 54.30 area during the trading day on Monday, and dropped below 48.00 on Tuesday’s trade date. Effectively this closes out our foray into SMCI. Despite the drop down today, they did manage to meet the filing deadline, and have since bounced back up in after hours trading. The next level of resistance in this stock should be around 67.00. However our early entry above 38.50 was sidelined with the drop below 54.30 and 48.00. 2. WMT Tuesday’s trading in Walmart broke a daily downtrend that followed a less than stellar earnings report last week. The topside of a Walmart trade did not materialize. However, with the break in trend we should at this point look for Walmart to possibly move back above the 100.00 area. If the overall market trend is able to recover then WMT only stands to benefit. Timing could be a little bit of an issue because of the NVDA earnings report Wednesday afternoon that could either send the market further down or start a recovery. In the broader market the bigger issue is closing out the month of February and setting up the month of March. Committing to a direction in the market this week could be problematic. 3.  NVDAFrom earlier this week: “A price point above 143.44 would be the third week in a row with a higher high. On the risk side last week’s low at 134.03 is the number. A move below that level breaks the weekly uptrend, regardless of what happens at 143.44. This could be a low play though”. To be honest, I was looking for the break above 143.44. My futures background though decided to slide in a short opportunity. If you took advantage of that short, make sure you are out and flat before NVDA earnings on Wednesday afternoon. It would probably be best to consider this a bonus. 4. Market Closeout In the ES Futures the market has made both a new high of the month, and a new low of the month within the past five days. After making the new all time high the market drop likely developed after a less than stellar WMT earnings report, but that was not the only catalyst. The February open was 5982.25 and the market moved straight to it. The bigger issue though becomes the setup for the March open next week. Currently the difference between the February low and the January low is 115 points. However, the difference between the February open and the February low is only 58.25 points. If the month of February were to close below the open then the March open could be even closer to that February low. That would leave the market in a vulnerable position to the lower side. The saving grace is the broader quarterly view where the low of the 4th quarter was 5724.00. As long as the market stays above 5724.00, then that broader quarterly trend of higher highs and higher lows remains intact. 
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Today’s TBUZ TV I'll be LIVE with a Flash Market meeting at 11:30am ET. Click here to join me. Also, make a note that my Midweek Market Update will be at 4pm ET instead of the usual 8pm ET!.
Keep your face always toward the sunshine - and shadows will fall behind you. ~ Walt Whitman
This Week at DTI
Wednesday
- 10am ET - Academy (Learn More)
- 11:30am ET - Flash Market Meeting (Join Here)
- 4pm ET - Midweek Market Update (Register)
Thursday
- 10:30am ET - Academy (Learn More)
Friday
- 3pm ET - Weekly Wrap Up (Register) Market Review - Chuck Crow Highlights SMCI dipped down below support. WMT still has not bounced, and NVDA broke below the 134.03 support 1. SMCI 1. SMCI
SMCI two weeks ago broke above the January high at 38.50. That is the lower white line on the chart. The speculation was that they could challenge first 48.00 and possibly 67.00. The second white line on the chart is the 48.00 level. The third white line is at 54.30. The market moved down below the 54.30 area during the trading day on Monday, and dropped below 48.00 on Tuesday’s trade date. Effectively this closes out our foray into SMCI. Despite the drop down today, they did manage to meet the filing deadline, and have since bounced back up in after hours trading. The next level of resistance in this stock should be around 67.00. However our early entry above 38.50 was sidelined with the drop below 54.30 and 48.00. 2. WMT Tuesday’s trading in Walmart broke a daily downtrend that followed a less than stellar earnings report last week. The topside of a Walmart trade did not materialize. However, with the break in trend we should at this point look for Walmart to possibly move back above the 100.00 area. If the overall market trend is able to recover then WMT only stands to benefit. Timing could be a little bit of an issue because of the NVDA earnings report Wednesday afternoon that could either send the market further down or start a recovery. In the broader market the bigger issue is closing out the month of February and setting up the month of March. Committing to a direction in the market this week could be problematic. 3.  NVDAFrom earlier this week: “A price point above 143.44 would be the third week in a row with a higher high. On the risk side last week’s low at 134.03 is the number. A move below that level breaks the weekly uptrend, regardless of what happens at 143.44. This could be a low play though”. To be honest, I was looking for the break above 143.44. My futures background though decided to slide in a short opportunity. If you took advantage of that short, make sure you are out and flat before NVDA earnings on Wednesday afternoon. It would probably be best to consider this a bonus. 4. Market Closeout In the ES Futures the market has made both a new high of the month, and a new low of the month within the past five days. After making the new all time high the market drop likely developed after a less than stellar WMT earnings report, but that was not the only catalyst. The February open was 5982.25 and the market moved straight to it. The bigger issue though becomes the setup for the March open next week. Currently the difference between the February low and the January low is 115 points. However, the difference between the February open and the February low is only 58.25 points. If the month of February were to close below the open then the March open could be even closer to that February low. That would leave the market in a vulnerable position to the lower side. The saving grace is the broader quarterly view where the low of the 4th quarter was 5724.00. As long as the market stays above 5724.00, then that broader quarterly trend of higher highs and higher lows remains intact. 
*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. |
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