Hope everyone had a great weekend. Notable earnings coming up. On Mondays, I like to watch for about an hour or so to see direction of the market.
$MDB – Showing strength, bouncing off 50 day MA. Uptrend for earnings anticipation. Software has incredible profit margins. However, don’t hold through earnings on this one. I’m seeing previous trends/earnings and it looks like they have missed for the past 4 quarters. You should anticipate a sell off immediately after the earnings run is over.
$CHWY – Seeing something similar to MDB here, as it is showing strength bouncing off 50 day MA on the daily chart. Earnings anticipation, online books/edu. Earnings Tuesday after close.
$MSFT – After a nice run up, it has been consolidating and coiling up for the past week or so. I think it is ready to break out at any moment, especially with SPY heading to 370. MSFT is a part of S&P 500, so they typically react from each other.
$GME – Our favorite meme stock. PS5 and XBOX Series X sales should have boosted revenue. Both consoles sold out instantly online. Nice cup and handle formation on the daily chart. It looks like it just broke the handle, so we should see it continue to run. Earnings is coming up Tuesday after close and with PS5/XBOX Series X sales, I see GME continuing.
$ADBE – Recently broke this channel to start a new uptrend. Maintaining above 50 day MA and it has some room to run up. Let’s see if it continues to run. Earnings after close on Wednesday.
RH – Restoration Hardware has been consistently growing every quarter. Just look at the previous price action leading to earnings. It looks like it is maintaining above 50 day MA and ready to break out of this channel.
$NVDA – Beautiful breakout from a wedge. Recent release of GTX 3060 Ti, as well as holiday sales. Look for continuation as it is headed towards the 50 day MA. If it closes above the 50 day MA on the daily chart, I see it continuing.