Weekly Active Setups | NVDA New Addition | Closing SPY and Corn Future

NVDA turned active this week, while SPY hit target 3 prompting us to close the trade.

Key Highlights: Markets have rebounded so far this week with the Fed maintaining rates steady as expected.

New Activations

• NVDA

Previous Activations

• Short AMZN (Tgt 1 and 2 hit)
• Short ADBE (Tgt 1 hit)
• Short ITB (Tgt 1 and 2 hit)
• Long Corn Future – Close the trade as price has broken below recent upward trendline and the 50-DMA.
• Short XLV (Tgt 1 and 2 Hit)
• Short CRM (Tgt 1 hit)
• Short AAPL (Tgt 1 and 2 hit)
• Short SPY (Tgt 1, 2 and 3 hit) – Close the trade as target 3 has been hit.

Closed Trades

Corn Future

SPY

Active Trades

Long NVDA

-The trade activated on October 30 with a break and close above the downtrend line.

-NVDA will still have to clear its 50-DMA for the uptrend to resume, with their earnings release coming on 11/21.

Short AMZN (Tgt 1 and 2 Hit)

-The trade turned active on September 20 with a break below the trendline.

-Amazon is continuing its post earnings optimism (reported 10/26) as it has broken above its 50-DMA.

Short ADBE (Tgt 1 Hit)

-The setup turned active on September 15 with a move below the trendline.

-ADBE has broken back above its 50-DMA, but will have to contend with upward trendline soon.

Short ITB (Tgt 1 and 2 Hit)

-The trade activated on September 13 with a move below the trendline.

-ITB is seeing a bit of a relief rally after hitting target 2, but is now testing the 200-DMA and trendline which will act as key resistance.

Short XLV (Tgt 1 and 2 Hit)

-The trade turned active with a break below the trendline on September 5.

-XLV nearly hit target 3, but has staged a comeback recently as it has retraced back towards target 2.

Short CRM (Tgt 1 Hit)

-The trade activated on August 2 with a break below the trendline starting in December of 2022.

-CRM briefly fell below its 200-DMA, but is back above it now as it closes in on the 50-DMA and target 1 again.

Short AAPL (Tgt 1 and 2 Hit)

-The trade was activated on August 2 with the break below the trendline that has held since March.

-AAPL is still not in a renewed uptrend as it remains below its downtrend line and 50-DMA.

-AAPL reports earnings today (11/2) after the bell.