Market Update 11/22

Hello everyone, I hope you all had a great weekend. We have a short week this week with markets closed Thursday for Thanksgiving and a half day on Friday. With that said, make sure to be a little extra cautious as we could see some chop. Last week was a great week, no need to give any profits back! Tech looks ready to take off soon, possibly after a little more downside. Keep an eye on $NQ_F and the $FAANG names for some great opportunities!

$NQ_F (120m)

Watch $NQ_F very carefully this week. It looks like it is ready to start a strong wave up, but may have to endure a little more downside first. If 11,800 breaks, we likely see a bounce between 11,500-11,728… Make sure to check $NQ_F before taking any of the tech set ups this week! If $NQ_F is breaking down, don’t go long $AAPL $AMZN etc. Patience is key this week, no need to force anything on a short week!

$AAPL (60m)

If $AAPL gets a nice push early on Monday, this set up would be in play. I’m looking to go long on a dip into the golden zone to catch wave 3 of (iii)… I will only take an entry if Friday’s low holds and it turns into a 1,2 1,2 set up.

$AMZN (60m)

Nice triple 1,2 set up here. I will be looking for an early push on Monday! Invalidation at 3080.

$DKNG 60m

Wave (iii) could be in… wave (iv) could finish anywhere between here and $45.50. A good R/R dip buy trade can be found at the .382… You could also go long on the break of the wave (iii) high and ride it to $54.40

$ROKU 60m

$ROKU had a strong week last week and looks just about ready for a wave iv correction. This set up is best for a swing trade rather than a scalp, because of the wide range in which wave IV may finish. Personally I will be looking for a 5 wave impulse on the 15m chart to confirm the start of wave V, with the intention of buying subwave 2.

$SPCE 60m

Looking for a long entry around $22.75… Invalid if it breaks below $22.42. Great R/R on this trade!

$TSLA 60m

Everyone’s favorite, $TSLA, could have one more run left before starting (iv)… If we see a gap down around $480 I will look to go long…

Be extra cautious with this one. Personally I will be entering a call spread rather than scalping naked calls.

Make sure to follow my twitter @rbc_trading for live updates! Remember, don’t force any trades, let the set ups come to you! If the set up does not develop, don’t chase… That is a sure fire way to lose money. There will always be another set up right around the corner!

Lastly, I provide this information at no cost… but if you feel so inclined, I appreciate tips via Venmo (@Ryan_Chandler16)… If you find my set ups helpful and would like to make a contribution of any amount, it would absolutely make my day.

Happy Trading Everyone! 

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