C.O.I. For The Week Of 5.27.19
SPX: The SPX is in a corrective wave. We have switched to Volatile Trading Rules, only buying when market is oversold and ready to bounce, then selling quickly when we have profit. We hit our first bounce zone at the .236 retrace. We anticipate our second bounce zone at the 200smsa (2775). Then our third bounce zone is the .382 retrace (2720). We'll be buying select names in these zones for a quick profit trades.
AMAT: Continues to consolidate at the .382 retrace and 200sma. We like this name for a bounce if we get a pullback next week.
AMD: Has been testing support for the last two weeks. We would love to see it finally break and test the .382 retrace around 24.50ish. This would be an ideal bounce trade opportunity. We're also keeping an open mind and watching to see if it breaks higher for a quick momentum trade as well.
AMZN: Looks like a fantastic bounce buy candidate at the 200sma, right around 1750. We are buyers there for a quick trade.
CRM: This name has been a consistent money maker if you buy the dips and sell the rips. We look to do the same this week. Ideally, we get a flush to the 200sma at 150/149. That's our buy area for a quick bounce trade.
JD: Looks ready to bounce. It’s right on 200sma and .282 support and has positive MACD divergence. We'll be buying on any further weakness for a quick trade.
NFLX: The 200sma has held all year. We're going to bet it holds again, for at least a bounce. If we get a touch of the 200sma this week, we'll be going long for a quick trade.
TWTR: Has been consolidating since its earnings pop. We expect the consolidation to continue. We're looking to buy another retest of the .382 retrace at 36.50 for a quick bounce trade.
XLNX: Nice pullback to the 200sma. We expect a big bounce in this area and are looking to buy on any weakness next week.