$QQQ and the market looks ready to "POP" with the Tech giants Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (FB), Apple (AAPL), and Amazon (AMZN) reporting Earnings this upcoming week. These five stocks alone represent roughly a quarter of the S&P 500 index and will be the most closely watched names of the earnings season among 165 corporations scheduled to release figures.
In addition, there's a bevy of economic reports will keep the market volatile, with a preliminary reading of third-quarter gross domestic product (GDP) due out Thursday taking top billing.
My trading ideas given the news and technical analysis are as follow:
I expect the market to rally early in the week given we closed Friday in a Bullish Engulfing candle, Commodity Channel Index (CCI) trading above the Momentum Line (0), and the Stochastics trending up.
1. $QQQ ($278 / $281 Call Debit Spread; 4 NOV 22 EXPIRATION)
2. $TSLA ($216 / $225 Call Debit Spread; JAN 2023 EXPIRATION)
In addition, there's a bevy of economic reports will keep the market volatile, with a preliminary reading of third-quarter gross domestic product (GDP) due out Thursday taking top billing.
My trading ideas given the news and technical analysis are as follow:
I expect the market to rally early in the week given we closed Friday in a Bullish Engulfing candle, Commodity Channel Index (CCI) trading above the Momentum Line (0), and the Stochastics trending up.
1. $QQQ ($278 / $281 Call Debit Spread; 4 NOV 22 EXPIRATION)
2. $TSLA ($216 / $225 Call Debit Spread; JAN 2023 EXPIRATION)