What You Need to Know

Hey…it’s Jay Simon, and here’s what you need to know about the markets today.

The economic news that could move the market today is at 10:00 a.m. - Existing Home Sales & Richmond Manufacturing Index. Both of these can have a medium impact.

*For those of you who are using my Risk Reward indicator, we will eventually get back full functionality once Schwab restores portfolio functions. I’ve spoken with their support, and it’s on their “to do list”, but they don’t have a date yet.

Trade of the Day: 2 Ways

I’m once again watching NVDA. Turned out to be a good play yesterday. Currently we are down slightly from yesterday’s close and price has moved below VWAP in premarket. News is out that Broadcom is posing a challenge to NVDA for AI market dominance.

For Calls:

To buy Calls we will want to see price move back up and hold above VWAP.

Resistance levels:

• VWAP

• 123.54 (prior close + hourly level)

• 123.75-124.00 (premarket high + hourly levels)

For Puts:

To buy Puts we will want to see price staying below VWAP and then pushing through our support levels below.

Support levels:

• 122.60 - 122.80 (hourly chart)

• 121.85 (premarket low+ hourly chart)

• 121.00 (prior hourly support)

Profit Pointers

Every email I try to impart one market insight that will help you develop into a better trader. Here is today’s golden nugget…

I would like to expand on yesterday’s concept of not having bias.

You should look at every trade opportunity from the opposite perspective. If you are bullish on a stock, then look at from the opposite side.

Where would you be looking to enter short or buy puts on the stock? This will help keep you honest and also find areas of resistance you may have missed.