Creator of the 'Matrix Daily Edge' Author of 'Fractal Market Mastery' Contributor to 'Seeking Alpha' See pinned tweet for free trial / Substack
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The Matrix Daily Edge is published before each US session and outlines actionable ideas, directional bias, and important levels in the S&P500, commodities, crypto, and others. Free Trial - mailchi.mp/888cf8615120/free…
Now also on Substack - matrixdailyedge.substack.com
Andrew McElroy retweeted
Nasdaq (QQQ) dead on the monthly and weekly lows, triggering a head and shoulders.
Dangerous, but last two Fridays it has made a new low, gets everyone bearish and then bounces on Monday.
Nasdaq (QQQ) dead on the monthly and weekly lows, triggering a head and shoulders.
Dangerous, but last two Fridays it has made a new low, gets everyone bearish and then bounces on Monday.
Happy with this call a few weeks back on GOOGL>It had a bullish pattern but something looked wrong and I avoided until today at $282 measured move
I think the key is to position early when there is an edge. Then just fingers crossed and manage the position when the numbers are released. Some of the best trades set up afterwards.
To say that technicals have any predictive power over earnings assumes that insiders know the outcome and have been moving the stock enough for us to recognize it.
Today even topped the same time as last Wednesday. Still, I don't think that means the outcome will be the same, only that sentiment, expectations are.
Today is setting up almost exactly like last week's META/TSLA earnings, with Friday's new low and weak close, Monday's gap up and recovery, Tuesday's consolidation, and now Wednesday looking strong. Not only does the daily chart look similar, but the weekly chart has the same pattern as it had last Wednesday, and the size of the recovery is almost identical.
So, if the technicals are almost exactly the same, can we expect a different outcome?
Today is setting up almost exactly like last week's META/TSLA earnings, with Friday's new low and weak close, Monday's gap up and recovery, Tuesday's consolidation, and now Wednesday looking strong. Not only does the daily chart look similar, but the weekly chart has the same pattern as it had last Wednesday, and the size of the recovery is almost identical.
So, if the technicals are almost exactly the same, can we expect a different outcome?
Micron (MU) has the right structure for a bottom. Not confirmed, yet, but could develop a reversal. Here's last week's chart calling for the entry at new lows.
and this
ANTHROPIC IPO REPORTEDLY ON TRACK FOR NOVEMBER
Anthropic is reportedly preparing to file its S-1 registration at 9 a.m. ET Monday, with an IPO potentially taking place November 19–20, according to Fox Business.
Semiconductor stocks moved higher following the report, reflecting improved sentiment toward AI-related equities.
The key takeaway: A successful Anthropic IPO could provide a major test of investor appetite for AI valuations amid growing concerns over infrastructure spending and financing costs.
Andrew McElroy retweeted
ANTHROPIC IPO REPORTEDLY ON TRACK FOR NOVEMBER
Anthropic is reportedly preparing to file its S-1 registration at 9 a.m. ET Monday, with an IPO potentially taking place November 19–20, according to Fox Business.
Semiconductor stocks moved higher following the report, reflecting improved sentiment toward AI-related equities.
The key takeaway: A successful Anthropic IPO could provide a major test of investor appetite for AI valuations amid growing concerns over infrastructure spending and financing costs.
semis should like that
BREAKING: Meta, $META, will raise up to $95 billion through a series of stock offerings in order to fund the development of AI.
The financing plan comes just days after Meta said it would spend up to $145 billion in CapEx this year.
Andrew McElroy retweeted
BREAKING: Meta, $META, will raise up to $95 billion through a series of stock offerings in order to fund the development of AI.
The financing plan comes just days after Meta said it would spend up to $145 billion in CapEx this year.
6 of the 11 sectors positive today. So when tech drops, so do yields and all the yield sensitive stocks rally.
Nasdaq (QQQ) view from earlier this week - bounced to 725ish target and should now be in a final capitulation.
Today's Daily Edge updates the long-term charts, proposes a path into the midterms, updates oil, QQQ and SOXX, and said this about today: "There should be a few swings in this range and the simple view says that the first leg up is complete at 7723 and a dip should set up a second leg to exceed it. The 7680s should really hold a downside spike at the open for that to play out"
matrixdailyedge.substack.com…
The week before Black Monday looked like the blue line on the above chart and close dead on the lows. Kinda gave a warning, no?
Interesting, but worth noting the SPX was down around 10% in the 3 days before, and it was below the 200sma. Last week, the SPX was down less than 2%
