Another Down Day in the Market

End of the Week

Here we are, made it to the end of the short week. Overall was not an easy one to trade in and if you did, you were better off keeping it small positions and likely not holding overnight.

Market Review

$NQ

  • As I write this newsletter the range within those white lines is where we finished. We had a drop this morning out of the range we we’re stuck in all week and then we settled in this range for most of the day.
  • We will see what happens over the weekend, hopefully we can resolve higher and not continue down to the dotted line, which is the lows at the end of January.

$META

  •  Nothing exciting here, I stayed away from this.
  • It did trickle down below $169 but recovered well to close at $170.

 

$SHOP

  • Similar as META nothing to see here.
  • Price dropped below but didn’t drop too much. Could be positive moving forward.
  • Still looks extended from 8 day Moving Average.

$BABA

  • I did take one trade today that was not called out. I did not plan on getting in but saw a quick opportunity and took it.
  • BABA was hanging around the $90 level, I saw a candle I liked and looked for a $1 move that I got in a couple candles. 
  • Low risk trade and kept it small, did not want to chance it. Nice win to end the week.

Daily Wrap-up

We experienced more downside this week, erasing all the gains made in January. February has historically been a rough month, and this year is no exception. We remain hopeful for a rebound next week, but only time will tell. Stay informed with our daily newsletter for market insights, trade ideas, and trading tips. Have a great weekend and we’ll see you on Monday for the Morning Scoop!

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