Two short-term trades for market open on December 31. TSLA: buy above $426.50, support at $422.76, watch the 4- and 8-period EMAs. QQQ: bullish above $518.50 targeting $522.30, or short below $517.50 down to $514.
Chapters
Good morning, traders. It is Tuesday, December 31st at 6:33 a.m. I want to wish you a happy new year. Last trading day of the year, so let's not do anything crazy. Let's keep our profits starting 2025. All right, so looking at our pre-market volume, I've got two trade setups for you today. One is Tesla and the other one is the QQQ. So let's go ahead and have a look. So we've got Tesla. Up here, and so on the daily it might be a little bit bearish. So we've got the four and the eight exponential moving average just above us, and a four hundred thousand print here. So we would really need to break up above that. We'll see how that goes today. Breaking below this hammer here would be bearish on the longer term swing. So we've got we we do have some room to make some money here. And so it might just be a little bit tight on the upside and we'll see how that goes. So let's have a look here. So we've got a lot of support below us, even though on the higher timeframe it's easier on the bearish side. So we're bullish above $426.50. We've gotta get above here, this pre-market here. So $426.50, we're gonna get above and then $427.50, $428.70, all the way up to $430. And we have these other prints that are here. Look at this, 422.76, 550K, 125K. So these are kind of support. You can see that pre-market. So if we get above this 426.50, 427.50, 428.70, 430, 431.30, and right up here we got some prints. We gotta be careful, maybe take some profit there. And then 434.50. So this is spreading out. We've got some room. And remember, if the 4 and the 8 are riding together, then we're staying in the trade, right? You want to take some profit at some major levels there. Okay, so that's it for Tesla. Let's look at the QQQ. Okay, so the QQQ here, it's a similar sort of thing. We've got some support. We had a high-volume doji here, but we're still also below the 4 and the 8. They're starting to separate. And we've got a 1.9 million trade here at 522.30 above us, which is above these moving averages here. So we can bump our head. Usually what happens with these, if we're going to go down, we'll test the 4 or the 8 and then start moving down again. But there is some room to make some money here today as well. Now with this, mind that the, uh, the market can go a little bit sideways when things are like this. So we have this range here and then the range to the bottom. I would pretty much call this an inside day, right? So we'll be careful with that. Okay, so here's the 5-minute with all our pivots. And so for the Q's, we have to be bullish above 518.50. So although we're pre-market here, I've put this up here to get above these prints, 518.50, and then Target 519, 519.37, 519.75, right? So this one right here, 520, 521.25 up here, which is a major price level, and then 522.30. 522.30 I have all the way up here. Okay, so now the bearish trade, we're at 517.50, we got to get below. So there's this Here, 517.50 is a major level, so 517.68 is a pivot. So here we'll trade this down to 517, 516.30, 516, and then 516.60, which is the, which is the pivot, and then 515 and 514. So we can see that all the way down here. Okay, those are the 2 trade setups today. So again, Happy New Year! We'll have a video this afternoon showing how well we did, and the markets close tomorrow, so we will see you back on Thursday. All right, happy trading!
