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Navigating the Market's Turbulence
This week's message is clear: PROCEED WITH CAUTION!! The market is in flux, with economic announcements on the horizon that could send shockwaves through the trading landscape. It might be a smart move to keep some cash on hand for those golden opportunities that are sure to come your way according to Austin.
SPY: The Market Barometer
$SPY had an eventful week. The RSI dipped to 34, almost entering the oversold territory, but a surge of buyers in the last two trading days breathed new life into it. The crucial make-or-break point is $435.50. If we can maintain this level, the path ahead looks promising. However, failure here could spell more downside, with short-term targets set at $433 to $431 and medium-term ones at $431 to $425.
Bullish Scenario: If $435.50 holds, Austin's targets are set at $438 to $440.
NVDA: The Game Changer
Next up, we've got $NVDA. It's currently challenging trendline resistance at $457, but here's the catch: earnings are just around the corner. Trading during such variable times can be risky, and Austin advises caution. Should earnings go well, expect to see NVDA testing the $470s and even $500. However, if the results disappoint, brace for consolidation between $405 and $450.
TSLA: Seeking Momentum
$TSLA recently experienced a dip to $212 but is now hovering just above the 200 EMA on the daily chart. To trigger more upside, it needs to conquer the $230 mark and maintain that position; otherwise, brace for consolidation.
AMD: Strong Support
AMD has a strong foothold at $102 and is currently trading in the range of $102 to $113. If it manages to breach the $113 mark, a bullish trend may be in the cards.
QQQ: The Tech Giant
QQQ's dance is confined to the $359 to $364 channel. To shift the balance in favor of bulls, it needs to break above $364 and $368. Failure to do so might lead to a test of previous trendline resistance as support, hovering between $350 to $360. If that support fails, the 200 EMA on the daily chart ($330 to $340) becomes the last line of defense.
AAPL: Weathering the Storm
AAPL faced a significant sell-off but clings above the 200 EMA on the daily chart. Austin anticipates a consolidation phase between $170 and $173 before making a push towards $178, with the gap at $190 likely to remain untested for now.
BABA: The Intricate Dance
BABA's story involves a breakout, a stumble, and a fallback to support around $87. The path ahead requires breaking and maintaining above trendline resistance to test $100 and potentially reach $120. Trading between $70 to $