Weekly Trading Roadmap 🌟 Jackson Hole Symposium | 08-21-23

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Jackson Hole Symposium

Jackson Hole is an annual economic symposium in Wyoming where central bankers, policymakers, and experts discuss monetary policy. While not directly tied to stocks, speeches can offer insights into central bank views, impacting market sentiment. A simple Google search reveals that stocks plummeted on August 22nd, 2022, after Fed Chair Jerome Powell's Jackson Hole speech. He affirmed the central bank's stance against rapid inflation. The Dow Jones dropped 3.03%, with losses intensifying by the close.

Why Does This Matter!?

As you know, I can be technical, but my best execution comes from being right technically and narratively. Here are other key events to think about.

• $NVDA earnings August 23

• Jackson Hole August 25

Comparatively to most weeks, the news and data are scarce. With these two huge events, each event will create its own wave. Judging price action of the last 2 weeks, everything has been sold.

• Big tech earnings (Sold off)

• Mid-cap earnings (Sold off)

• $SPX index (Sold off)

• $TSLA (Sold off)

If you are a premium subscriber, I mentioned months ago when we were bullish on $TSLA at 130, the market won’t crash with $TSLA going up. Now, this is vice versa. The market cannot go up without $TSLA & $NVDA.

Here’s your second chance if you ignored the puppy before.

$NVDA

In May 2023, $nvda reported a quarterly profit of more than $2 billion and revenue of $7 billion, exceeding Wall Street expectations. Therefore, I feel positive about $NVDA, but are we too late?

Let us dive into the key levels of % technical analysis behind $TSLA, $NVDA & $SPX index.

General note for free members as you have your eyes on the market. Keep in mind everything happens in swings. Every action reacts. When executing trades, investments, or in life, sometimes waiting for the reaction is more risk-tolerant. If you pull the trigger early, please make sure you have your risk management strategies.

Intraday Levels

$TSLA

• 195s-200s buying zone for a retest of 220 and 240

• Earnings are in late October, so if 190 holds, this could be a mid-term bottom swing.

• Equity Swing is best.

• Nov. 11 300c or October 20 300c

The Pattern

• After each size-able continuous sell-off, buyers stepped.

$NVDA

• In a perfect world, this has a retest of my 388-level

• The dip has already been bought in this stock, so I want to avoid $NVDA going into earnings unless we get lower prices.

• If I wanted to make a lotto trade, I would long this if we are trading near 420 before earnings.

• The best trade may be waiting for the market's reaction and potentially playing a reversal trade going into the Jackson Hold event

/ES

• An intraday pivot for me is 4370. If we start treating this area as resistance, we have another leg down into 4311-4300. This could take us back to 4370. Under 4311, I cannot be bullish until the 4190s.

• Assuming we trade above our pivot, then 4430-50 could come. Ad daily close above 4450 sets up a 4500 retest.

Investments

• $SQ 

  • $60 was a steal long-term. If this could trade below $40, it could offer tremendous upside 5-10 years from now.

  • In 2018, this company had 2.2 billion in revenue in this area. In 2023 $sq has 17 billion in revenue.

  • Revenue has changed, but the stock price has stagnated because of the current market conditions.

• $SPY - It would be nice to start buying $spy etf shares near 393, 380s, and 360s. Long-term speaking, I want to buy 315. Anything lower than this is the market offering generational opportunities, especially for those planning to hold for the next 10-20 years.

Swing Trade Ideas:

$SPY - there are a solid two attempts. One at 411-409 and another at 393s. We will announce the best options trades when we get closer to those levels. Otherwise, equity is always nice.

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