Market Notes for 5/8-5/12

Recap of last week:Last week, we predicted that the market would chop or grind up in
the pre-FOMC period, and then sell off after FOMC/Apple earnings were over. We
anticipated that we would have an exhaustion gap up after Apple reported, but the
market had other plans. The bank crisis came into play again and dragged the market
lower, with tech being strong. However, the market bounced back hard on a short
squeeze on Friday pretty much the same playbook as previous drops from bank drops.

Economic Calendar/Important Earnings for the week: Inflation data week but since
banking crisis, inflation data has been that volatility anymore.

Monday

● 10 a.m. Wholesale inventories (March)

● 2 p.m. Fed Senior Loan Officer Opinion Survey

Tuesday

● 6 a.m. NFIB Small Business Index (April)

Wednesday

● 8:30 a.m. CPI (April)

Thursday

● 8:30 a.m. PPI (April)

● 8:30 a.m. Initial jobless claims

Friday-

● 8:30 a.m. Import/export price indexes (April)

● 10 a.m. University of Michigan consumer sentiment index (May preliminary)
Prediction for this week: For this week, my pivot on SPX will be 4100. I think there is
potential for the market to reach 4200, which would open up a short opportunity. Now
that FOMC and big tech earnings are in the rearview mirror, the next event that could
cause volatility is likely the debt ceiling. I suspect we will see some type of selloff from
the end of next week into month-end, but of course, we have to see how things develop
this week to have a better gauge.
 Indexes

$SPY - potential megaphone pattern developing in SPY, started off with low volatility
which has turned into higher ones the last few weeks in this trendless market. Look to
buy dips and sell rips until we can break either way.

For Puts

416-417 - Previous distribution supply zone

420-421 - Gapfill supply

For Calls

406-408 - previous demand

411-413 - Previous demand
$QQQ - also can see megaphone pattern developing on QQQ

For Puts

322-323 - Gapfill Supply

326-329 - Previous supply

For Calls

317-318 - previous demand

TSLA- we saw a breakdown but no follow through 2 weeks ago, last week we saw 4
consolidation candles breaking up and closing above the gap down candle high. So all in all
pretty bullish looking name with potential gapfill target around 178
 My Long Portfolio add levels

Levels for Communication services

META - Start at 108-112, add 82-87 and load 55-60

GOOGL - Start at 84-86, add 76-79 and load 70-72

DIS - Start 79-83, add 64-68 and load 43-46

VZ - Start 33 - 35, add 26-28 and load 20-22

TMUS - Start 121 - 123, add 104-107 and load 64-68

T - Start 13-14 , add 8-9 and load 5-6

NFLX - Start 205-214, add 162-175 and load 85-93

Levels for Energy sector

XOM - Start at 95-96, add 84-85 and load 64-65
CVX - Start at 152-155, add 133-135 and load 111-113
SLB - Start 43-46, add 34-36 and load 20-23
COP - Start 98-101, add 75-78 and load 52-55
PXD - Start 193 - 198, add 164-168 and load 134-139

Levels for Consumer Discretionary

AMZN - Start at 84-86, add 78-80 and load 65-68
TSLA - Start at 150-155, add 120-125 and load 85-95
HD - Start 288-291, add 264-269 and load 239-246
NKE - Start 97-100, add 83-85 and load 68-70
MCD - Start 235 - 238, add 221-224 and load 202-206
LOW - Start 180 - 185, add 169-172 and load 147-150
SBUX - Start 91 - 93, add 81-83 and load 68-71
TJX - Start 68 - 70, add 63-64 and load 54-55
BKNG - Start 1585 - 1625, add 1415-1470 and load 1105-1150
TGT - Start 125 - 129, add 111-115 and load 89-93

Levels for Technology Sector

AAPL - Start 130-134, add 121-123, and load 105-108
MSFT - Start 213-218, add 191-197 and load 175-178
NVDA -Start at 109-117, add at 93-97 and load 79-80
V - Start at 200-202, add at 188-190 and load at 165-168
AVGO- Start at 490-500, add at 420-435 and load 330-345

Levels for Financial Sector

JPM - Start 112-115, add 95-100, and load 77-80
BAC - Start 29-31, add 23-25, and load 14-18
WFC - Start 35-38, add 22-25, and load 14-18
GS - Start 320-327, add 277-287, and load 211-220
MS - Start 82-85, add 72-75, and load 52-55

Levels for Health Care Sector

UNH- Start 440-450, add 390-396, and load 330-345
JNJ- Start 159-160, add 145-148, and load 135-137
LLY- Start 326-335, add 284-295, and load 220-230
ABBV- Start 133-135, add 115-117, and load 100-103
PFE- Start 39-42, add 31-32, and load 25-27
TMO- Start 520-532, add 465-475, and load 402-415
ABT- Start 93-95, add 83-86, and load 65-68
CVS- Start 69-72, add 52-55, and load 43-45

These are only for stocks, if playing options will need to consider current

market conditions.