The mental Markets Issue 44

NVDA earnings behind us, now what?

Good evening everyone! Hope you all are having a great weekend! I personally am still in California visiting family and friends and uncle-ing 6 kids on my dad’s property. It’s been quite an eventful week to say the least. Last week we did manage some pretty solid trading. despite being busy and slightly distracted! we got NVDA 0.00%↑ earnings out of the way but we are still stuck with tariff uncertainty as POTUS squares off not only with other countries but with federal judges as well. SPY 0.00%↑ closed the week up 2% bringing us to + 8% for the month of May. This keeps us just green YTD at +.81% we are over some big spots on the daily but have a ways to go to get back to ATH. before we get into the week ahead let’s take a look at a trade for Thursday that ended up being my best trade of the week.

Trade recap of the week

I actually made two SPY 0.00%↑ trades on Thursday in two different directions. I initially took calls off the 7:15 am Hammer candle off my 588.76 level illustrated below

This quickly gave us a 35% win which i then trimmed and raised my stop to breakeven. This eventually stopped us out the last half at even making for a decent green trade from there we saw that resistance holding strong and a bearish hotdog forming on the 15 min. This got me to switch from calls to puts with my targets being 588.76 and 586.14
Almost IMMEDIATELY after entry we got the flush to my first target and a large sell surge pushing almost to T2 within 15-20 mins

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This was good enough to take the 588P from .99 to 2.45 in just 13 minutes! Hell of a Thursday if you ask me! Now lets get into what I’m looking for on $SPY/$SPX coming into the new week!

SPY 0.00%↑ | $SPX Attack Plan

Looking into the week ahead we see that SPY 0.00%↑ has created a decent tradeable range the last several sessions. Here are the levels I’m watching into next week:
Pivot: 588.76
Supply zone: 590.60-592.60
Demand zone: 584-586
Topside targets THROUGH Supply: 584.40 | 599.50
Downside targets Through Demand: 581.40 | 579 (Gap fill)

We closed right near supply on Friday so I’ll be watching that supply zone closely Monday morning. See if we can build within the supply and breakout to the topside targets or watching for reversal candles in supply to short us back top pivot and demand zones.

Chaz’s Watchlist

First up for me this week is SNOW 0.00%↑ which has earnings out of the way and after a big gap higher on the report we are consolidating into a nice flag. I have two spots I’m watching for longs either a breakout of the flag at 207 or a retest of demand down at 185-192. if we get either this week I will look long toward 216 then our gap fill way up at 229

Next up is $DIS which closed just over supply I will look for us to hold 113 early week to look long toward 116 via the 115C strike

Last up this week is CCL 0.00%↑ This name closed a solid zone Friday. I will look for a break of 23.30 to get long the weekly 23.50C strike with my targets being 24.10 and 25.11

That’s it from me this week guys! Hope you all enjoyed your weekend and are ready to make some money this week! I will be traveling back home to Vegas Tues/Wednesday and then we will be back to business as usual! Happy Sunday and Smile More!

-Chaz