Market Recap
Markets started the week consolidating post-Jackson Hole gains. The highlight was NVIDIA earnings, which initially pushed the stock to all-time highs before it reversed, finishing the week ~5% below those levels. The reaction was relatively muted compared to prior earnings events.
Crypto continued to show weakness, with both BTC and ETH extending their pullbacks.
QQQ 0.00%↑ attempted to break higher following Jackson Hole but failed, slipping back into its short-term range. On a broader view, this near-term weakness could mark a potential lower high in the trend. While the overall setup does not yet point to a major correction, indices may be entering a phase of consolidation or gradual downside as we head into September, historically one of the weakest months seasonally.
Watchlist
NVDA 0.00%↑ post-earnings remains a crucial market leader to watch. After a strong run, it may be entering a phase of sideways consolidation - which would be healthy in the bigger picture.
Strong Stocks
Stocks above all key moving averages, showing relative strength:
Strong Earnings
BABA 0.00%↑ broke out of a long base on strong earnings and volume. With the China index in an uptrend, BABA could emerge as a leading AI play in China.
SNOW 0.00%↑ strong report breaking out of a multi year base.
AFRM 0.00%↑ IREN 0.00%↑ posted solid earnings and made new 52-week highs, but sold off on gap, likely due to weak broader tape.
Bottoming Setups
CRWV 0.00%↑ showing strength post-NVDA earnings as datacenter demand remains firm. Consolidating around the 100 level.
UNH 0.00%↑ holding the 300 level since Buffett’s disclosed stake. Could be forming a higher low on the daily chart, setting up for a continued bounce higher.
Robotics theme
RR 0.00%↑ strong momentum burst this week on volume, after news that “Richtech Robotics Inc. entered into a Master Services Agreement with one of the world’s largest retailers.” Likely needs more time to consolidate before the next leg higher.
SERV 0.00%↑ key resistance level around $12, on watch for a decisive breakout through the level.
Misc
OPEN 0.00%↑ went mostly sideways last week.
MSTR 0.00%↑ consolidating below the 200 MA, pressured by Bitcoin weakness.
Trade Highlights
RR 0.00%↑ daily breakout on heavy volume after news:
AFRM 0.00%↑ earnings breakout afterhours:
BABA 0.00%↑ earnings breakout premarket:
For intraday updates and daily trade setups, including day and swing trades, check out the link below to join the community:
