Happy Sunday everyone! I hope that you all had an amazing holiday week spent with loved ones. I definitely did and took a healthy break away from charts to enjoy the holiday and my birthday. Small recap of last week, I caught an amazing trade for FOMC that was the only trade I really considered ideal. Green week, but the consistent chop just provides the worst trading environment. Especially when I'm trading futures as I aim for absolute perfect future trade entries, and I keep a tight stop. Let's get to the charts friends.
The reason we are all here is obviously the market so let's hop right into that. I am going to try something a little different this week and include multiple timeframes of what I'm seeing to hopefully add context. I know many times I talk without adding visuals and I'm trying to be better. As always, any feedback you have over the blog and how I present or ways that could help from a reader's perspective is greatly appreciated.
/ES|
For /ES this week our first grab will have my /ES levels and I did go a little heftier on them this week because I will be trading a lot this week.
While we are in an uptrend on the daily in the moment, we have a very significant trend line in our horizon. For our zoomed out daily chart I have the 21 EMA pulled up and as you see the most significant last 3 times that we got above the 21 EMA with some distance this trendline is what sent us back down.
On the weekly chart we are seeing the same thing, but in my opinion the weekly chart is possibly showing us and incomplete H&S formation. For volume I'm really not focusing too much on it from last week as it was a holiday week and I expected it to be lower. Could we break this trendline? Absolutely. However, history shows us what happens at this trendline very clearly and my best setup looking at this week is a rejection of this trendline. For this reason, you will see that my levels are more concentrated than normal around the $4100 area where this trendline is in range.
/NQ|
VIX|
That is about all I'm watching or happened to take note of while charting as far as the futures go.
For the options friends I obviously am not who you should take note of because $HD was quite literally the worst call that I've ever made for that reason alone I will only be analyzing $TSLA this week because I love the look of the chart.
$TSLA 🚗|
As far as TSLA is concerned last week I am super happy with where my analysis was and TSLAs response. However, in true TSLA fashion I did not get my entry it happened overnight. This week the daily trend is lining up super nicely with the rection level that I had last week. I may day trade this however in the next chart I'll show you why I am much more hesitant.
As you can see on the 4-hour chart $TSLA seems to possibly be forming an inverse head & shoulders pattern which in my opinion could lead to a trend break for her. I would be more inclined this week to take calls off this boxed range and heavily trim at the trendline while leaving a runner for possible trend break.
Now to extend my hesitancy for shorts on $TSLA this week it very clearly closed last week in an inverted hammer, which is a reversal candle.
That's about all I have for this week. Keep in mind we have multiple possible news catalysts this week with GDP, consumer confidence and jobless claims. As always, I hope y'all are ready to make some fucking money friends! ✌️🌻
Where we going?!
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