- Mindset Money Matters: A Snowfish Publication
- Posts
- Who's watching NVDA?
Here is a quick recap of Markets for the Week of August 16th, 2024 and what we are watching this week
S&P 500 $SPY +1.4%
Nasdaq Composite $NDX +1.4%
Russell 2000 $IWM +3.6%
Dow Jones Industrial $DJI +1.3%
Buying activity was driven by the notion that the Fed will lower rates beginning in September.
Trading volume was below-average through most of last week, reflecting a lack of participation due to vacation schedules and some hesitation ahead of potentially influential events.
Join our Facebook group as we educate, encourage, and motivate others to seek what fuels them.
▶ Here ◀
Key points from last week:
Jackson Hole Economic Symposium- Fed Chair Powell's speech was dovish and acknowledged "the time has come for policy to adjust" 🟢
FOMC Minutes from the July meeting- were highlighted by the Fed's comments that a rate cut was "plausible" at the meeting 🟢
Revisions to nonfarm payrolls- for the April 2023-March 2024 period, showed 818,000 fewer payroll positions than previously thought, creating some concern that the labor market has been softening for a longer period than previously thought 🔴
S&P 500 Heat map for the week
S&P 500 Sector performance for the week
🚨Our Trades Recap📊
$PANW: Palo Alto Networks reported earnings last week and tagged our 1st price target at $375 from the watchlist for +9% or a $32 move.
$PLTR: Our swing Palantir tagged our $32 price target for +31.56% gain as it traded to a new 52 week high last week.
🗓 The Week Ahead 🧐
Monday, August 26th - Friday, August 30th, 2024
Attention this week will be focused on:
Durable Goods Orders - Forecasters see durable goods orders rising 4.5% in July following a steep 6.7% fall in June that was pulled down by order cancellations for commercial aircraft.
- Durable goods orders are new orders placed with domestic manufacturers for factory hard goods. The report also contains information on shipments, unfilled orders and inventories.Gross Domestic Product (GDP) - Consensus for the second estimate of Q2 GDP is 2.8% growth which would be unchanged from the first estimate. Personal consumption expenditures are also expected to be unchanged from the first estimate, at 2.3% growth.
- Gross Domestic Product represents the total value of the country's production during the period and consists of the purchases of domestically-produced goods and services by individuals, businesses, foreigners and government entities.Personal Income and Outlays - Personal income is expected to rise 0.2% in July with consumption expenditures expected to increase 0.5% vs. June's increases of 0.2% for income and 0.3% for consumption. Annual rates are expected at 2.6% overall and 2.7% for the core (vs. 2.5 and 2.6% in June).
- Personal income represents the income that households receive from all sources including wages and salaries, fringe benefits such as employer contributions to private pension plans, proprietors' income, income from rent, dividends and interest and transfer payments such as Social Security and unemployment compensation.
Most Anticipated Earnings this week
🚨Our Watchlist 👨🏫
$SPY: S&P 500 is back trading just shy of it’s previous all time highs from mid-July; it’s 9.5% pullback recovered in 4 weeks.
This 562-565 is resistance for it and it ran out of buyers here last month, let’s see what happens this time.
Over 565 works its way to 570. Under 555 look for markets to pullback and fill some gaps it left behind.
SPY over 565 look for a move to 568,570,575. Under 555 pulls back to 550,545 and 540.
💾 $NVDA: NVIDIA reports earnings on Wednesday. It is only 7.5% from it’s all time high back in June after a meaningful rally the last 2 weeks.
Wall Street is projecting earnings of $0.63 per share, representing an increase of 133% year over year. Revenues are projected to reach $28.24 billion, increasing 109% from the same quarter last year.
Over $135-$140 look for NVDA to make new all time highs as it trades to $150, $175 and $190. Under $120 has room to pull back to $110 and $100.
NVDA over 132 has room to 135,138,140,145. Under 120 pulls back to 115,110,105
$SMH: NVIDIA’s earnings will also create a nice move on the Semiconductor sector as a whole, so let’s take a look at SMH.
SMH also had a strong move the last 2 weeks, in order for that to continue bulls need to reclaim $255 resistance for a move to $265, $275, and $285. Under $240 it has room to pull back to $230 and $220.
SMH over 252 has room to 255,258,263,268. Under 240 has room down to 235,228,225
🏦$FAS: With Financials looking to breakout we are looking to capitalize by adding to our FAS (Financials 3x leveraged ETF) swing.
Over $125 look for a move to $130, $135, $140. Under $120 has room down to $115 and $108.
FAS over 125 has room to 130,135,140. Under 120 pulls back to 116, 108 and 105.
*None of these stocks above are recommendations to buy, sell or trade. We do not give financial advice, you should always do your own due diligence and practice proper risk management.*
If you are interested in seeing how we are looking to trade these names reply back or comment Swing Trades below for more information.
We started a Facebook group in hopes of encouraging, inspiring and motivating others which is what the Mindset Money Matters brand is all about:
Encouraging others to:
To seek more → what fuels your passion
To challenge your mindset and look at things in a different perspective
To learn from each others experiences and be humble because we never know what someone else is going through
To uplift and want more from not only ourselves but those around us
If that aligns with you, I invite you to be a part of this movement and share it with whomever you think may also be interested.
▶ Here ◀
Thank you in advance 🤝
I value your time and will strive to keep the content easy to read and short enough to get to the point!
If you would like to support this free newsletter, here are the most helpful ways:
🏹Forward the newsletter to your friends, family or anyone who you feel it may help- they can subscribe here
📲 Screenshot your favorite part, share it on your stories and tag me @SnowfishTrading @Mindset.Money.Matters
📨 Reply back with any questions or topics you would like more information on
See you next week! 👋
Reply