SpaceX has done the full round trip since the IPO: the run to nearly $230, the drawdown that bled retail out, and now a bottom. SPCX has recovered the 21 EMA and the anchored VWAP off the lifetime high, with a squeeze building underneath. I am looking for a rally into Friday.
We gapped down, chopped and closed near the lows, with the Nasdaq holding up better than the S&P. SanDisk tagged $1,800 and gave most of it back, which is exactly what this stock does, and I see real support around $1,700. If we gap down 40 or 50 points tomorrow I want to be a buyer there.
The tape leaked conviction all session without breaking anything, so I am setting my plan before next week instead of guessing at it. I walk through the five names on my buy list, DELL, SMCI, NTNX, MU and NVDA, and the one short I would take if the market throws a tantrum. The score list is a wall of gray right now, and that tells you which side of this to lean on.
We finally got a trending day. The S&P ran straight through the H1 quant pivot and closed a hair under the H2, which puts us about 20 points below the voodoo Treeline at $7,768. That level has rejected price every time it has been tested.
