Tickers discussed: ARKW, ARKQ, CROX, GT, FUBO, TWLO, BJ, FIVE, CYBR, ROKU
Trades about to Happen features technical chart set ups that are close to actionable levels.
Chart Set -Ups ahead of the FOMC
Jay Powell and the FOMC will make their Rate / Taper announcement this afternoon at 2pm followed by a presser at 2.30pm. Here are some set ups on various charts. I don’t think its a good idea to load up on risk ahead of the FOMC. Alarm the key levels on these charts and be ready to roll after the event risk clears.
In the charts below, I have identified key support / pivot levels where traders can focus attention in the days ahead. I have found that setting a bunch of alarms, then waiting for them to trigger. Once triggered, the trader can then evaluate whether to take the trade or not based on market conditions and current portfolio exposure.
Before taking any position, please confirm the earnings date
Trades about to happen
$ARKQ
$87 has been long standing resistance. A break above and hold opens the door for a run back to the highs near $100. If however there is a smart rejection here, the expectation would be a trip back to the bottom of the box around $77.
$ARKW
Like ARKQ, this ARK ETF is at key resistance at $160. A break and hold above targets a move to $190.
$BJ
$BJ’s is big box club store like COST. As long as $59.50 holds, the door is open for a move higher. Notice that the ema’s are bullishly stacked and are supportive of higher prices.
$CROX
Specialty footware maker CROX has been on an epic run. Now if price can hold the $165 area the door is open for higher prices. With no natural sellers in blue sky country, don’t dismiss how high a stock like this can go.
$CYBR
Cyber security stock CYBR has been stair stepping higher in the classic bull flag after bull flag fashion. Alarm $185 and buy the breakout. You may want to also alarm $176 in case there is a back touch of the 20ema at the bottom of the box. In that case a simple move to the top of the box would have you with a winner and chance for a breakout.
$FIVE
Simple set up. Alarm $202 for entry into a $14 gap and the expectation for a gap fill to $215.
$FUBO
Price has broken above trendline resistance and has now come up to challenge overhead resistance at $34. A break above would open the door to the prior highs around $52.
$GT
Goodyear has been grinding around a $6 range since last March. A break above $20.50 puts price in a whole new range and opens the door for a move to $26
$ROKU
Fan favorite ROKU is near key support at $300 which has held for the better part of a year. ROKU reports earnings tonight and likely makes a significant move. If price makes a definative break below $300, notice the big void below where there wont be much technical support. If that happens, set up a bracket trade with a bias to the downside. If price gaps higher and recaptures all the moving averages, you can be long against the 200ema at $240. Either way, I think may offer a compelling set up for either a long or a short.
$TWLO
Simple set up. Alarm $300; on a break above take it long for a gap fill to $345. Alarm $280. On a break below, go short. THere’s a massive void below the key support and I don’t think there would be anybody home until much lower levels.
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