We had a perfect pump from the sub $40’s critical level and we are currently entering the resistance zone. $44 - $45’s price action is key, if we get rejected and start trading sub $44’s then buckle up as we might get a bigger retrace. On the other hand if we clear the highs of $46 odds will favor longs as this most than likely will be a bullish reversal.

Short term trade setup is ON. ✅

Entry as close as possible to $200’s 

Target at highs $220’s - low $230’s

Stop at $197

From a macro perspective by analyzing the higher timeframe charts price seems to have found a temporary bottom and is ready for a short term bounce.

LONG play continues! ✅

Price action is quite slow but the long trade idea remains active.  As previously mentioned, entries close to $390 and we’ll be targeting around $425 at first. Low of $383 must be respected.

As suggested in our previous report price did hold well and $530’s on its way. It is important to note we are currently trading a range between $530’s - $450’s. In other words, going long at the peak of the range is NO BUENO. We need more context and the best odds to assume we’ll keep going up will be if we break above the highs of $545. For now this is a NO TRADE. 

Something’s cooking here. Price bounced quite well and seems to want further upside. Ideally we want price breaking $121 and going long upon the retrace but do keep in mind we are at resistance zone and price might as well get rejected here for further downside. Definitely not saying this has to happen but it's key to keep in mind all possible scenarios. 

$220 hit now what? We are currently getting closer to the perfect short area OR perfect long upon a bullish market structure break. From a trading standpoint we’ll now wait for price to break above $226 and entry long on the retrace. 

Amazon.com (AMZN) - Bearish 

Bearish idea remain, there’s not much to do right now. Extremely slow price action. Short term, it is likely we’ll bounce towards $180 but keep in mind price action is completely bearish. Unless we break and find support above $190, do not expect further upside. Ideal macro long entries at around $120’s. 

NO TRADE.

There are no short term trading setups. We need more context. 

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Mag7 Tech Stocks - Weekly Update #3

Black Monday today, markets across the World have been affected. For those who do not understand what caused this massive selling pressure today, here’s a brief explanation: Thanks JapanBargain or burden? It all started with Japan’s index Nikkei 225 dropping 12.4% on Monday. The largest daily decline since

Zelf TradeLuis Ricardo Guizado

](https://www.zelf.trade/mag7-tech-stocks-weekly-update-3/)