Dave Barnhart breaks down technical setups for SPY and NVDA, mapping out entry points, targets, and stops using moving averages, support and resistance levels, and dark pool prints. He covers scalping strategies around the market open and plans to follow up after lunch.
Chapters
Good morning, traders. It's Wednesday, April 16th at 5:26 a.m. So I've got two stocks for you today. We've got the SPY and we've got Nvidia. Things are really tight at the moment. I had mentioned yesterday in my video that we could pretty much draw a trend line down this way, and that seems to be what's happening. We're stuck here. There's the four and the eight exponential moving average right here. We're sitting at a print, a 2.1 million print, and also a 13.6 million print. And then above us, we've got a 5.8 million right here around 543. And then so if we break below this 532, then we can come all the way down to this print 525, right? This is a 400 simple moving average, which seems to be quite strong. This one pushed off. This one here pushed off the eight moving average, but it's weak. We have declining volume here, so there's not a lot of interest at the moment. This has got to break out or move. But the dark pool has been quite light recently on this. You can see from yesterday there was only 1.3 million, and the day before there was 2.1 million. And then put 1.5 and then 4. So it's been, it's been really light for their positioning at the moment. So I think, I think they're in. So we'll see what actually happens here. So this, this here is, is quite tight. So you got to be careful with those sorts of things because we're stuck in a range. We can't, we can't go trading these massive ranges and do, you know, so far out of the money calls and puts and things like that if you're scalping during the day. So just be careful with that. Let's look at the 5-minute. We'll come back up here. All right, so SPY, we're bullish above 535.20. And again, you know, by the time I map this out, this is testing this. It's actually an S1. So we upthrusted here around at 4:40 AM. We've come back and almost tested this print, but this moving average here, the 15, it's seems to be holding on to it. This candle here has a little bit of volume and we're trying to get above this 535.20, so we'd have to get above that. Now look at the— look at all this resistance to the upside. This is really difficult. If we get above 540, you know, that's another 6 points or whatever up here, then we've got some room to the upside. So let's go ahead and we've mapped this out. 535.20, Target 535.84, 536.42, 537.02, 537.70. I put that in there. This is the, um, 200 exponential on the 5-minute. Is really important. And we've got a 13.6 million print, and then we're really gonna bump our heads up in here. 538, 538.20. I've got 538.79. Is a cam, and then we've got the pivot 539.22 and this 13 million print. So this will be difficult because when we look back, that'd be making a new high from this from this pullback here. But we've got to get really it's it's got to be strong to get through these sorts of levels, and I don't see really that there's any news today that would move that. But anyway, 539.38, 541. 541.62, 541.50— 542.50, sorry, and then 544.04. And so really the, the better trade is up here at 539. That's still 5 points away. The ATR is clearly dropping on this, and now we're bearish below 532.80. Let's get below this S2, right, because we've upthrusted If we come back, then we'll probably get down to here. I would think it's probably a fair value gap. 531.18, 530, 527.50. Down here, 526.38, 525.02, 522.50, and 519.96 is S4. So This S3 is usually oversold, but you can see that the range is much better to trade on the downside. So just be careful. Remember that the overall trend is down. So if, as this is moving up, you've got to be taking profits, right? Because then when we looked at the daily chart, there's so much resistance. So if you're scalping it, it's a counter trend, even though we're, we're comparing a larger time frame and a smaller time frame, but the overall trend is down. On that, so we've got that. Next up is Nvidia. So Nvidia here, we're down six bucks pre-market, and so here Nvidia has been getting large prints. Look at this yesterday: 113.03 is 2.2 million. So we're pulling back from that a bit. We have to get on the daily. We have to get above this range here. About 114.50, then this can come up to 119, right? And so the ATR on this one is $7. So we've got a gap there, and then on the downside, we can come back to this moving average about 99, you know, for a day trade in the larger time frame. And then we've got these prints down here, 1.7 million, 1 and 2 million. That was back here. On these days. So we had this, then we've come up. We might come back and retest those prints. We just have to be a little bit nimble there. All right. Looking at the 5-minute here, this is the similar sort of situation where the downside is easier than the upside. Like, look at this is really difficult, right? It's like if you're driving your car at a guardrail, it's like it's gonna take some, um, effort to punch through that. And we can see after the market closed, this moved down, and then this is sitting on S3 right now, which is usually oversold. So we'll see. Mobi has S4 and S5, which some of the other applications don't have, but it's important to see these sorts of things there. So we're going to be bullish above 107.50. Let's get above this print and this 15 moving average, or this moving average up here. So 107.50 will get above this range and we'll get to the 50-cent level, and that will probably clear us this 8.4 million print. So, uh, target 108.99, 109.04, 110.49, 111.34, 111.63, and 111.91. That gets us right up Into this mess, right? And this is testing. This is the major rejection here after the market closed. So this is going to be really strong to come up and retest that again. On the downside, we're bearish below 105. I tried to give myself a little bit more time. This is looking like that's a good entry there, but because of the time frame of this video coming out, let's see if we can get below. 105. 102.76 is next, is S4. So this— there might be a bounce here. And remember that we're ranging, right? We're in tight pockets here on the higher time frame. 101.25 is next. 99.65 is the S5. And then right around this S5, we have some big prints, right? So really, you've got to— if you're going to take it, you've got to get in Probably earlier in the day. Mind the 9:30 open though, because that can be quite volatile. So 98.79, 98.03 is a 1.7 million, 95, 94.78, and, um, 94.42. Now look at this from S5, there's nothing, there's no more pivots and stuff below. There's no, um, there's no S6. So you've just got, if we get below this, then we've got a range to the downside. So just be careful with that. All right, there you have it. There's your 2 trade setups for today. Please like and subscribe, leave some comments, and I've been hearing some good feedback, so, um, I, I appreciate that. Thank you so much, and, um, yeah, happy trading, and we'll see you after lunch. We'll see how we make out.
