Market Summary for Jan 19, 2020
Portfolios $QQQ/$SPX: For now we have not enough elements to consider the market might start falling this week. We have adjusted stops to secure liquidity and gains but in general terms we can not advise aggressive reduction in portfolio’s holdings.
To make our approach more probable we need $QQQ to move past 319 while $SPX needs to clear 3830. Once the market clears 3830 immediate targets should be at 3880 area. Our target for $NDX has been 13518, we will monitor lines if/after that occurs to provide further extensions for NDX to 14220.
Additionally to this and depending on how the market opens tomorrow we will be buying any important pullback that occurs intraday; especially if we have a strong opening that allows us to take more gains or to trail up more our stops in some of our core positions.
Stocks:
$TSLA: We have not had enough parameters to reduce TSLA aggressively, without enough patterns the best we can do is to adjust our stops. Once TSLA clears 870 has enough probabilities to gain traction for 967 or 1045. Immediate support is at 841. Max support is at 637.
$NFLX; Reports today, it has been consolidating for a long period of time. Has very low probabilities for 570 this afternoon but is part of our strongest cores; we are entering long into earnings.
$ZM: One of our top holdings, needs above 403 to solidify calls for a major bottom followed by moves above 426/427 to gain traction for 700. (Bigalowlink).
$BIDU: We have been buying BIDU on breakouts and pullbacks since BIDU has probabilities to double or triple in price within the next 12 months. Today to secure liquidity we could consider stops at LOD.
$TAN: We have been adding TAN on breakouts and pullbacks, since it has enough probabilities to double in price, we have made the solar sector a core sector considering it can expand consistently during the next three years.
$EWY: South Korea ETF, is probable EWY can go for the standard extension at 132 with resistance at 155.59, support is at 83.49 right now and resistance is at 98.71. We have not added yet.
$FB; Was close to our targets at 235 during Friday’s retrace, we added on Friday and we sold in order to accumulate SFIX and AVAV. Now, above 260 the next resistance for FB is 269. We recommend using 260 as a reference line for stops on the long side.
$ROKU: We have been adding to ROKU, support is now at 402 and average resistance is 443, next extension above is 483, followed by 507. The 483/507 area are pragmatic targets.
$TSM: We have repurchased a core position on TSM after stopping out pre -earnings, next resistance is at 134.74 and next standard extension higher should be 164. For now we have parameters to buy on pullbacks; support lines at 119 and 113.
$TNA: We repurchased TNA on Friday, standard support from last breakout should be 73.72 (MPlink).
$XPEV: We have been accumulating. (Alt10link) Immediate target should be 58. Only above 58 and 59 we can project 61.49 which if taken will give us probabilities for 67.86. A conservative average would be 62 at this moment. We favor the conservative target.
$QS: As we have mentioned we are long, and it has had best parameters to add looking for 60 at a minimum, last low at 45.51. We are monitoring. While 30 is a standard extension on the downside we are not very sure we can see that area.
$SNAP: We have not had parameters to repurchase SNAP, we are waiting.
$MTCH: We are monitoring MTCH to start a position, immediate support at 139 followed by 119 and much lower is 106.
$XL; We have been monitoring but until now we have no parameters to add, immediate resistance 23.82 and a standard extension down should be 12.
$JKS: We have had parameters to add to JKS and as part of our strategy to accumulate green energy we have been accumulating solar names. For JKS 65.60 is immediate resistance, breakout line is 74 and 91 should be one percent retrace. We will monitor; at the moment MA has a 2 percent allocation on JKS.
$ZM: One of our top holdings, needs above 403 to solidify calls for a major bottom followed by moves above 426/427 to gain traction for 700 again. (Bigalowlink).
$PTON: We have best parameters to consider that once PTON manages to clear 167 we can project 214 as target followed by standard extension at 267.
$FSLY; Has completed a standard retrace at 81.35, needs to clear 101 so we can project a target at 117.
$FCEL: As part of our green energy strategy, we have been accumulating FCEL, PLUG, BLDP and QCLN.
$LLY: we have not had clear parameters to add, support now at 176.56 and immediate extension higher at 217.84. We have long term parameters to add on important pullbacks.
$AVAV; We had parameters to add AVAV on pullbacks, we added on Friday, January 15th selloff.
$NKLA: Standard support at 17, assuming can hold this line without breaking last lows at 13.51 can take advantage of current setup and trigger another 3rd wave up. NKLA has demonstrated to be a strong company so we can not assume an uber bearish stance on it.
$PLAN: We are long PLAN, but this still can not breakout, we are waiting, immediate support at 64 with immediate resistance at 79 and 85.
$ARKG: Has had best parameters to accumulate, we have proceeded to add on pullbacks and breakouts as part of our strategy of growing our exposure in the biotechnological sector.
These are some highlights on what we have in the Managed Account portfolio, in which we providing charts, entries, setups targets stops, and other insightful notes on regulars bases for our members. if you would like to have more insight and reports on the Managed Account (traded actively) please contact Seeking Options Team – RQLAB via [email protected] subject line “Managed Account” Check us in chat room – Platinum Service.
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