The Shakedown 12-1-24

 

 

Strong weekly close out of the market last week as we head into the most seasonally strong time of the year. The SPY continues to grind higher and the QQQ caught some relative strength to end the week Friday when Trump announced the feared Chinese tariffs would not be nearly as bad as anticipated. This ignited semiconductors who were in a vulnerable spot as you'll see pictured last in this section.
 
Heading into the final month of the year, it's time to keep the foot on the gas. The market continues to show healthy signals with a plethora of strong setups to choose from. We are coming off those two back to back rate cuts which is a historically bullish 6-month backdrop.
 
Shall we checkout some charts....?

 

Economic Data This Week

 

Earnings This Week

 

Put/Call Ratio
Market opening the week at neutral positioning. Good to see.

 

 

VST Long
Lots of setups out there heading into the week. This VST got the nod but just slightly beat out SQ, ALAB, SEZL, MSFT & RBLX as trade of the week. All of these are top tier setups to me. 

VST is a market leader who spent the last week+ giving us healthy chop as it provided a controlled pullback to support 1. This is coming off nearly 3 inside days, which gives us a great entry. Watching two price points for entries -- through Friday's high at 161 & through Thursday's high at 163. 163 is the technical trigger, but could setup really well for a tight entry first through that inside day high at 161, and if it does I plan on buying the hell out of it. Using Friday's low as a stop.

Trigger: $161/163
Stop: $156.49
Target: $183-196+

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