It’s a Big Week


Most regions around the world are closed for May Day.

FRC shareholders are getting wiped out as JPM and the FDIC pick up the pieces.

The FOMC is this Wednesday. Last week, the bears broke the SPX below 4089 but could only keep it below for a day. On Friday, it cleared 4138 to see 4170.

Big moves in names like MSFT and META helped.

SPY briefly broke the $410-$408 area last week and then the active bulls took it back on Thursday to see $415.94 Friday. It wasn’t the easiest of action but we had our levels. Now we’ll see if we digest ahead of the FOMC Wednesday. $418.31 is the February high.

QQQ had a battle around the $314.97 pivot last week. The active bulls took it back on Thursday. On Friday it hit $322.65. Watch this sector as it's been leading the way. If it holds the $318 area this week, the door is open for a move toward $334.

Now let's look at some individual names.

AAPL keeps proving it has “Go To” status. It cleared $165 to get some momentum back to see $169.85. It reports on Thursday. Maybe it goes red to green today. We'll see where it is Thursday for option strategies. For today, see if it holds the $167 area.

TSLA reclaimed $153.15 and had a pretty strong session Thursday to have some switch gears. On Friday it cleared and held $160.87 to see $165. Perhaps this can get more attention. See if it can go red to green and how it deals with Friday's high for a quick push.

MSFT was great post-earnings. Some were long vs. $292ish. Other waited for it to clear $299.57 to see a high of $308+ to manage. It needs to hold $303.

META had a big gap and go but was very choppy yesterday. We'll see can if it hold $235.75 or if it filsl a portion of that gap to get choppier. If it holds, it can clear $241.69.

GOOGL is tricky but keeps building. If it continues to hold $102-$103, perhaps there's a better move if it can clear the $108.37-$109.20 area with volume.

Scott Redler Positions Disclosure as of 2023-05-01 at 8.11.10 AM

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