The Fed and Jobs Report | CRWD, SOFI, PYPL, NVDA & More
There are still plenty of solid setups in the market
The stock market has been on a pretty strong run. The Russell is taking out its Q3 highs and flirting with a major breakout, with the other three indices all hitting new all-time highs on Monday. I believe it was the S&P 500’s 60th record high this year, which is incredible.
While the market looks to be shaping up well for bulls going into the final two months of the year, some consolidation and/or a shallow dip would be more constructive for the intermediate term.
Will the Fed and/or the jobs report get us some much needed rest?
The Fed has a two-day meeting on deck, with an interest rate decision and statement due up on Wednesday at 2 p.m. On Friday we have the monthly labor report due up at 8:30 a.m.
These are potentially market-moving events and taking some caution into the event isn’t a bad idea. With that said, there are a few charts I have my eye on going into Tuesday.
We have played Nvidia so well over the past few weeks, whether it was the weekly rotation a few weeks ago that started things off or the move up into the $250 to $252 area, we have been incredibly fortunate with this one.
Now pressing above the 161.8% extension, my next price target for Nvidia is the two-times range extension up near $265. On the downside, see how NVDA does around $250. Below could put a test of the 10-day moving average in play.
We finally got that setup in AMD yesterday.
CRWD really cracked lower yesterday, which was discouraging for longs. However, the stock found its footing where it needed too, at the prior breakout area near $265-$268, along with the 21-day and 50-day moving averages. Further, it was the midpoint of its current channel.
There are pros and cons to this setup, but at least it’s well-defined.
Should CRWD lose Monday’s low at $263.23, it could open up more downside into the low- to mid-$240s.
That said, over the $268 to $270 area and short-term bulls can be long against Monday’s low. On the upside, see how CRWD handles its 8-day and 10-day moving averages, which are turning lower.
4 More Trades From Today…
Disclaimer: Charts and analysis are for discussion and education purposes only. I am not a financial advisor, do not give financial advice and am not recommending the buying or selling of any security.
Remember: Not all setups will trigger. Not all setups will be profitable. Not all setups should be taken. These are simply the setups that I have put together for years on my own and what I watch as part of my own “game plan” coming into each day. Good luck!