JR28 Weekly Market Insights

Week of February 17th, 2024

JR28 Weekly Trading Newsletter: February 17 - February 21

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Market Overview & Key Events

This week is a short trading week as markets are closed Monday, February 17, for Presidents' Day. Expect lower liquidity on Tuesday as traders return from the holiday.

Key market events to watch:

• Tuesday, February 18 – President Trump speaks (tentative).

• Wednesday, February 19 – FOMC Meeting Minutes (2:00 PM ET).

• Thursday, February 20 – Initial Jobless Claims, Philly Fed Manufacturing Index, Crude Oil Inventories.

• Friday, February 21 – S&P Global Manufacturing & Services PMI, Existing Home Sales.

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Earnings to Watch

🔍 Tuesday: OXY
🔍 Wednesday: WING, ETSY, WIX, FVRR, CVNA
🔍 Thursday: BABA, WAL, W, RVN, XYZ, DBX

Alibaba ($BABA) earnings on Thursday will be closely watched given the recent surge in China tech stocks.

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Trade Recap: Last Week’s Plays

🔥 Some major wins from last week’s alerts:

• INTC $20.5C MAR 14 – Alerted at $1.42, trimmed at $4.32, ran over $5+ 🚀

• AAPL $250C APR 17 – Alerted at $2.52, trimmed at $4.85, ran over $6.60+ 📈

• NVDA $140C FEB 21 – Alerted at $0.94, sold at $2.09 💰

• BABA $100C MAR 21 – Alerted at $2.52, ran over $27+ 🚨💥

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TRADE ALERTS:

For those of you not in the Discord (www.jr28trading.com) I highly encourage it as we cover a lot of the setups given here but we also alert LIVE trade ENTRIES and EXITS on Stocks, Options, Crypto & Futures.

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Technical Analysis

SPX Outlook & Key Levels

Same as last week: Continuation long against 6009.

📊 Key Levels: 6009–6032

• Above 6009–6032 → Bullish continuation to 6150+, possible extension to 6200+.

• Below 6009 → Failed breakout, bearish trigger down to 5920, 5873, and ultimately 5638.

🔹 Bullish Setup: Longs against 6009 for a continuation move to 6200+.
🔻 Bearish Setup: A failure at 6009 could signal a breakdown toward 5638.

IWM & QQQ

No change in outlook—continuing the same setup given months ago.

IWM: Longs over 226 targeting ath
QQQ: Longs over 494 targeting 553

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Trade Ideas: Stocks to Watch