The Shakedown 5-2-21

LAST WEEK, S&P 500 (+0.13%)

Monday: +0.21%

Tuesday: -0.02%

Wednesday: -0.03%

Thursday: +0.64%

Friday: -0.66%

For a market that closed relatively flat on the week, we sure had a lot of fireworks. The biggest week of earnings season is behind us after stellar reports from the mega cap tech names, which for the most part gapped higher as a collective and subsequently sold off in the open market. Thursday and Friday the market was flat overall but the underlying internals were pretty ugly. There are a few different scenarios that could play out this week. I highly doubt we get another week of sideways action with the big tech earnings names behind us. Nothing would really surprise me at this point. One day tech is hot, the next day it's not, and we're seeing similar action play out across multiple sectors. We saw tech weak Thursday/Friday with cyclical names carrying the market. The weakness would lead me to believe we could see lower prices if support breaks this week. I would also not be surprised in the slightest if we saw those big names like AMZN, AAPL and GOOGL put in pivots this week, which would eventually lead to new highs in the QQQ. While I *think* we're more due for a pullback than for another run higher, I plan on remaining flexible and open to the information the market gives us concerning the next direction, whether higher or lower, this week. It will be important to keep an eye on sector rotation this week.


We have another jam packed week of earnings reports to look forward to. There are a lot of names reporting that you often see in the chat, so expecting another week of fireworks as earnings season usually proves to be. Some names I'm looking forward to reporting this week: PYPL, SQ, PFE, ROKU, MRNA, ETSY, RKT, FVRR, TWLO, FSLY, UBER, EL, SPCE, RUN, NET, CHGG, BYND, PENN, DKNG and many more! 


Earnings This Week

Click the above picture for a full list of the companies reporting this week



Contender #2 for trade of the week ^


CRSP is looking to break out of a macro base following earnings. It began to breakout before earnings and has been going sideways in a relatively tight range ever since. Really nice consolidation on the daily chart in front of a major level on the weekly chart. Looking for an entry through the 137-138 resistance area.

Trigger: $137-138

Stop: $127.89

Target: $170-200+

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