1.
$VanEck Semiconductor ETF(SMH)$ Will Lead $SPX to 7000
SMH tested the 2022 highs at $171 this month and rallied 40 points since. If SMH reclaims $230, it should trigger the next leg higher for SPX back toward ATHs.
$S&P 500(.SPX)$ is already near 5600 while SMH hasn’t broken out yet. Once semis break out, it’ll unleash major buying pressure and push SPX toward 7000.
$NVIDIA(NVDA)$ also needs to catch up. For that to happen, we likely need headlines about easing restrictions or China sales. With trade deals being negotiated, a positive outcome feels likely — no one can really compete with NVIDIA.
As it stands, SMH looks ready to reclaim $230 and fuel the next big bullish run.
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2.
TRADE PLAN for Wednesday 🔥📈
$S&P 500(.SPX)$ setting up for a run to 5670 by Friday if we can get a positive reaction to $META $AMZN $AAPL earnings.
SPX 5600C can work above 5565
$Tesla Motors(TSLA)$ finally closed above 290. TSLA to 300 possible tomorrow. If it reclaims 300..325 can come by next week.
TSLA 300C is best above 290
$Meta Platforms, Inc.(META)$ 600 in play if theres a positive reaction to earnings.
META May 2 600C is best as an earnings lotto.
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