JR28 Weekly Market Insights

Week of December 23rd, 2024.

JR28 Weekly Trading Newsletter: Dec 23 – Dec 27, 2024

Market Outlook for the Week

It’s a short week with the market observing the Christmas holiday. Key market hours and events to note:

• Tuesday, Dec 24: Market closes early for Christmas Eve.

• Wednesday, Dec 25: Market is closed for Christmas.

Economic Calendar

While it’s a quieter week for economic data, we do have some key releases:

• Monday, Dec 23 @ 10:00 AM: CB Consumer Confidence (Dec)

• Tuesday, Dec 24 @ 8:30 AM: Durable Goods Orders (MoM Nov)

• Thursday, Dec 26 @ 9:30 AM: Jobless Claims

These reports could drive some pre-holiday price action, so stay alert if trading into lighter volume.

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Recap of Last Week’s Trade Ideas

We had a strong week with some impressive moves on our setups:

1. SPY $600P Dec 20

   • Entry: 2.42

   • Peak: Ran over 13.00 for an exceptional return.

2. BA (Boeing) Commons

   • Bought at: $142

   • Sold partial at: $178, locking in significant gains.

3. NVDA $135C Jan 31

   • Entry: 6.15

   • Peak: Reached 9.90, providing solid upside potential.

4. TSLA $300C Jan 17

   • Entry: 5.30

   • Peak: Exploded past 200.00, delivering a blockbuster trade.

5. COIN (Coinbase) Commons

   • Entry: $268

   • High: Touched $280, a strong intraday trade.

SPX Levels Played to Perfection

Last week, we identified a potential failed breakout of SPX at 6009, calling for a short back to 5916 and 5782. SPX delivered:

• Low of the week: 5832 before rallying into Friday's close at 5930.

Our levels and analysis guided traders to capitalize on the downside move and the subsequent recovery.

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Key Focus for This Week

With lighter volume and a shortened trading schedule, the focus shifts to strategic opportunities and disciplined trading. A few things to consider:

• Small Moves Can Lead to Big Swings: Low-volume markets can see exaggerated price action. Stay nimble and prioritize setups with high probability.

• Economic Data Impact: Durable Goods Orders and Jobless Claims could be catalysts, especially in sectors sensitive to economic sentiment.

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Market Sentiment:

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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 Analysis:

Key Levels: 6009

6009 has been a key level for over a month and continues to be here as it forms a potential head and shoulders. Bulls will need to overcome 6009 again to get a rally going into 6200+

Bullish Setups:
1. A failed breakdown of 5870 for a move higher into 6240.
2. Chase long on move over 6009 for a move higher into 6240

Bear Setups:
1. A rejection at 6009 setting up the right shoulder for a retest of 5871 and possible gap fill at 5782
2. A chase short below 5870 for a retest of the low at 5832 and possible gap fill at 5782

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IWM 0.00%↑
Possible failed breakout with a sweep above the prior ATH to take out stops before reversing lower.

• Bullish: Above 226, we can re-long targeting a move back to ATH.

• Bearish: Below 216, watch for a potential drop to 199.