3 Charts - 2 Insights - 1 Idea 7/8/24

Author

Ctrl Alt Finance
08 Jul • Reading Time - 6 minutes

Welcome to our latest edition, in case you missed it, here’s last week’s article: 3 Charts - 2 Insights - 1 Idea 7/5/24📈

If you’ve already read it, here are…

📈 3 Charts 
🔍 2 Insights
💭 1 Idea

Let’s dive in. ⬇️

MAJOR HEADLINES

MARKET INTEL

S&P500 (SPX/SPY)

SPX performance last week paid if you were in calls, expecting another similar week. 

Bullish we close above 5570 in 1hr timeframe. 

Be on the lookout for bears tomorrow, if they wake up here’s what will likely happen.

Entry 5567 

Target 5566 first TP 

NASDAQ (QQQ)

QQQ Pay attention to the charts, too early to see where the chart is heading. 

Catch the wave breaking out above 500, psychological. 

No breakout yet, but it is right there. We are at all 

Time highs for the market we can still go higher. 

Home Depot (HD)

Home Depot appears to be taking a break before it decides where to go next.

Above 334 for calls, wait to see how the market opens and try to catch a breakout in either direction.

For trading opportunities, consider using Trading View.

Get $15 off your purchase by using the link in this email.

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Insights

MARKET HEATMAP

VIX

The Volatility Index, or VIX, measures volatility in the stock market.

When the VIX is low, volatility is low. When the VIX is high volatility is high, which is usually accompanied by market fear.

Buying when the VIX is high and selling when it is low is a strategy, but one that needs to be considered against other factors and indicators.

Thought

KEY POINTS

Learning to follow trends is crucial for traders aiming to capitalize on market momentum.

Identifying trends involves analyzing price movements to discern patterns that indicate sustained upward or downward directions.

By studying charts and using technical analysis tools like moving averages and trendlines, traders can spot trends and potential entry or exit points.

Successful trend following requires patience and discipline to ride out fluctuations while staying focused on the overall direction.

It's about understanding market psychology and reacting to changing conditions, allowing traders to align their strategies with the prevailing market momentum for potential profit opportunities.

*Please note that the information provided here is for informational purposes only and should not be construed as financial advice*

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That’s all for now.

Onward and upward,

Ctrl Alt Finance

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