And ‘nothing’ can happen

Weekend Market Update April 21, 2023

The Markets

Not much has changed since the Wednesday update. It feels like ‘nothing’ has happened. Of course, that’s not exactly the case. We did see earnings from NFLX, TSLA (both are trading lower), and many others. But there haven’t been changes of any real substance so far.

So I’ll leave you with two brief updates, and then the charts.

First, none of the ‘checklist’ requirements have been satisfied yet.

Second, seasonality is still intact as demonstrated by this update from Jeffrey Hirsch of The Stock Trader’s Almanac.

Thanks for sharing @AlmanacTrader.

Could it change? Of course. So far it is still a layer of confirmation though.

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The Charts

SPY is holding the area between the 8 and 21-day MAs. Otherwise known as ‘price equilibrium.’ $406-$408 is the closest potential support.

QQQ is riding along the ATH AVWAP with the 21-day lifting.

IWM is trying to hang in there.

DIA is also holding equilibrium between the 8 and 21-day MAs.

ACWX is still moving sideways just under the $50 mark.

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The Closing Bell

We have many big names reporting next week; AMZN, GOOGL, META, and many more. Maybe one of those will provide a catalyst.

Heads up — Next week I will be in NYC for some work, some fun, and the CMT Association’s 50th Anniversary Annual Symposium. So there will not be a Midweek or Weekend update. I will have plenty of updates on Twitter, so make sure you’re following there.

The speaker lineup includes many Titans of Technical Analysis including;

• Martin Pring

• Katie Stockton

• John Bollinger

• Ned Davis

• Louise Yamada

• Brian Shannon

• Ralph Acampora

• Tom DeMark

• Larry Williams

and many more.

I am looking forward to meeting and learning from so many great analysts and traders whose work I’ve been reading for years. I will have plenty to share about the event in the next few weeks.

So if you’re here for the first time make sure you ‘subscribe.’ For everyone else, please share with a friend.

Many thanks.

Lastly, the Weekend Weekly Charts will be on Twitter tomorrow morning as usual.

See you there.

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***This is NOT financial advice. NOT a recommendation to buy, sell, or trade any security. The content presented here is intended for educational purposes only.

Andrew Moss is an associated member of T3 Trading Group, LLC (“T3TG”) a SEC registered broker/dealer and member of FINRA/SIPC.  All trades placed by Mr. Moss are done through T3TG.

Statements in this article represent the opinions of that person only and do not necessarily reflect the opinions of T3TG or any other person associated with T3TG.   

It is possible that Mr. Moss may hold an investment position (or may be contemplating holding an investment position) that is inconsistent with the information provided or the opinion being expressed.  This may reflect the financial or other circumstances of the individual or it may reflect some other consideration.  Readers of this article should take this into account when evaluating the information provided or the opinions being expressed.

All investments are subject to risk of loss, which you should consider in making any investment decisions.  Readers of this article should consult with their financial advisors, attorneys, accountants or other qualified investors prior to making any investment decision.   

POSITION DISCLOSURE

April 21, 2023 4:00 PM

Long:  ENVX, GOOGL0428C110

Short:  

Options symbols are denoted as follows:

Ticker, Date, Call/Put, Strike Price

Example: VXX1218C30 = VXX 12/18 Call with a $30 strike