Bullish Targets Reached 🎯... on Monday
Navigating the rapid move: Daily plan for the SPX, key levels for PLTR, AMD, SPCX, APP, LLY, and SHOP for earnings week, and three critical elements to watch following today's surge.
The U.S. stock market kicked off August with a powerful broad-market surge, driving the Dow Jones Industrial Average to a new closing high.
Technology moved constructively following the bullish setup we studied on Saturday in the Weekly Compass. The Magnificent Seven continued higher today, exactly as anticipated in the Weekly Compass, where I highlighted that GOOG, TSLA, and MSFT were set to move in a bullish direction, targeting 368 (+3.4%) 🎯, 319 (+2.7%) 🎯, and 491 (+5.8%) 🎯, respectively. All of them hit those specific targets with precision.
META, as I also anticipated, reversed from bearish conditions by reclaiming 564.2. The +6% move today matches the anticipated gap fill attempt I mentioned previously🎯, using GOOG as a reference point, a stock that filled already the gap printed after earnings results (as anticipated as well with technical considerations).
PLTR, on the other hand, was also expected to break out constructively by recovering 124.5 today as Central Weekly Level, the recovery happened during market hours 🎯. While technicals do not predict earnings results, extreme conditions help price action move in the expected direction when a catalyst arrives; true to form, the stock rallied over 14% in extended hours after posting earnings.
I publish three core analyses every week, beginning on Fridays with the weekly and monthly support and resistance levels for the week and month ahead. On Saturdays, the Weekly Compass presents the technical deep dive for the SPX, NDX, Dow Jones, Semiconductors, IWM, Crypto, all the Magnificent Seven (NVDA, TSLA, AAPL, MSFT, etc.), metals, and other megacaps. That publication presents high-probability setups for the week in a single blueprint complete with price targets and risk-management levels, followed by daily notes providing actionable levels for the SPX. Get access here:
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Because the move was rapid, and we have learned to exercise caution when aggressive selloffs or rallies occur on a Monday, these daily notes help navigate the price action until our third core publication arrives on Wednesday with more market intelligence.
For this week, alongside our daily SPX execution levels, I’m closely monitoring the daily levels for key companies posting earnings from our expanded watchlist: PLTR, AMD, LLY, APP, UBER, SHOP, SPCX, and MELI. We are also tracking semiconductor leaders MU, TSM, NVDA, and AVGO, as they are crucial for the sustainability of the current market rally, they presented a concerning premarket selloff earlier today.
Let’s begin.