Morning Scoop
Truthfully, I had a case of the Monday blues. I had a tough time getting organized in the morning and was not prepared to trade at all. That’s part of the deal in trading, if you don’t feel your best or haven’t properly prepped, there’s no reason to be in the markets. It’s better to sit out that day. Let’s check out what happened yesterday as things were shaking and moving a bit.
Markets
📰 News
Earnings season is here, and it’s a good time to observe which companies are performing well, even if they miss on earnings, and which ones are dropping after their reports.
📈📉 S&P 500 Futures Update
Futures are attempting to break through our year-long resistance zone. We’ve been consolidating in this area for quite some time now. Yesterday, the market was initially weak, but as the day progressed, we saw more stocks move from red to green, which was a positive sign.
🔮 Forecast
Well, it appears that we are breaking out of this range, but we need to see if it can hold. It will be intriguing to observe whether we experience a significant rally or a gradual decline.
Chart Analysis
I mentioned earlier last week about this setup in CRM. I ended up taking a position around $192, and the stock has had a nice push over the past couple of days. I have taken half of my position off and will let the rest ride with a trailing stop to secure my gains, price is opening up near $198 right now.
Wrap-up
We need to continue pushing higher today. While we’re seeing plenty of gap ups, they need to hold. It’s possible that we may see a gap up followed by a fade that closes the gap throughout the day. Let’s hope that’s not the case, but we’ll have to see how things play out.
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