Weekly Plan April 24th

Weekly Plan April 24th

The market's nosedive has taken it far from the average, and the key metric ATR (Average True Range) is now below 30. 👀

Why does ATR matter?

Many traders and algorithms rely on ATR to determine their trades' viability, and it often dictates if they'll abstain as well. That's why I track ATR in almost all the markets I trade in. 💰

📅Upcoming market events to watch out for👀:

-Tues: US Central Banker consumer confidence & Aussie CPI

-Wed: EIA inventories for oil markets

-Thurs: US pended home sales & GDP

-Fri: the highlight of the week, is the core PCE index.

These events build up to May 3rd FOMC & also challenge 'Sell in May and Go Away' seasonality forces.📈

For next week, I'm eyeing the 4130 level, with the current trading price at 4150. Here's the plan:

Scenario 1: If bears do not breach 4130 early, we may retest 4186-4200 level on a daily time frame.

Scenario 2: D1 close below 4130? Next stop is 4094. Let's see what happens!

AMZN Earnings

Short term, it's risky to be bearish before the earning report, but staying above 102 could fill the gaps around the 110+ zone. This is just my personal opinion - some are bearish. But I don't think AMZN's earnings will be the catalyst for change. Maybe it'll come with AAPL's earnings and May FOMC. Stay tuned for my thoughts next week.

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