Last week capped off an ugly trading month in March then gave us a promising start to Q2 and the month of April with the way things closed on Thursday. All three indices ended the week in the green with the Dow and S&P 500 at or near ATHs.
SPY is above the psychological 400 level, BTC and ETH are trading near ATHs (crypto), and futures are pointing to a higher open on Monday morning. Couldn’t ask for a better start to Q2 2021.
Powell is set to speak twice this week, Monday at 9AM ET & Wednesday at 10AM ET.
Jobless Claims Report on Thursday
Lots of great setups in tech this week, as many big names look to continue the upwards momentum from last week. Here are my top charts for the week:
This one will be on many traders’ radar this week. On Friday, TSLA blew past analysts’ estimates on its Q1 delivery numbers (184,800 actual vs 164,000 estimate). On top of the Q1 deliveries, the stock received analyst upgrades and bullish PT raises over the weekend.
TSLA looks to have broken out of the short-term downtrend of the past few weeks and these weekend catalysts may be just what the stock needs in order to get through the 700-717 range it has been struggling with. Look for a push above 690 to 700 for continuation on the upside. Above 717 and we can see an aggressive push towards 750 – 800.
Calls: Above 690 and through 708-710 (200 Day SMA), 717, 730, 750, 760
Puts: Below 640, 632, 620, 610, 600
With BTC trading near ATHs and fresh off a $60k print over the weekend, names associated with cryptocurrencies and specifically, Bitcoin, will likely get a boost this week in correlation with $BTC price action.
Calls: Above 240, 245, 250, 260
Puts: Below 225, 220, 210
FB once again finds itself at the top of my watchlist as the stock continues to show relative strength compared to the overall market. As the stock nears ATHs, I’d look for a push and hold above the $300 level for continuation on the upside.
Calls: Above 300, 305, 307.77, 310, 320
Puts: Below 292, 290, 285, 280
This one recently popped on my radar after the recent tech sell-off. $SNOW bounced right off the 202 support level and closed right below $237 on Thursday. Look for continued upside if the stock can push and hold above $242.
Calls: Above 242, 250, 255, 270
Puts: Under 230, 223, 215, 202