This Stock Confirmed the Breakout—What Comes Next? 🐦‍🔥

Whatever these markets need to go down, they don't have it yet. However, I want to show you the VIX because it's at the same spot that every time we hit it, the markets do go down. So, tomorrow or this week might be the week that the markets pull back. This is not though at the time being a scared market. And when the market's not scared, it can climb a wall of worry. That's a Wall Street phrase that means the market can slowly go up because it doesn't have a real reason to go down just yet. It's a big week and I'm going to go over the catalysts that are going to move the market this week and I'm going to cover some hot stocks with some fresh technicals. This is the Stocks with Josh show. Welcome to Wall Street. Thank you for taking a minute. Hit the like, hit the subscribe if you're trying to get 1% better at the charts each and every day to take risk on Wall Street. Let's go over the economic data that's going to move the market this week. The big deal is the CPI on Wednesday, August 12th at 8:30 a.m. Eastern, 7:30 Central. I'm going to be live trading during that time frame. So, I'm expecting it to be a volatile period because the CPI will absolutely move the market. This is the July inflation report, which is going to heavily influence the Federal Reserve rate expectations, the Treasury yields, the dollar, and of course, stocks. And then on Thursday, directly after that, we've got the PPI report, August 13th, same time. PPI is going to show whether higher business costs may raise consumer prices and affect the Fed's next move. Then of course Friday we've got US retail sales, consumer spending is going to show whether economic demand remains resilient after July's unexpected week employment report. Now I just want to highlight that I went out recently to the mall and it was packed. It was like Christmas time here in Dallas at the Galleria Mall. I was shocked at how crowded the stores were and you could barely walk around the mall without bumping into people. So, I'm thinking that the economy might be stronger than some are expecting, but we're going to find out Friday with the retail sales report. Now, we also in the middle of a bunch of important earnings earnings that are on my watch are Coree, ticker CRWV. They report Tuesday after the close. Now, the report's going to test whether AI cloud demand can justify the heavy spending and the debt. Then number two, super microcomputers SMCI is reporting also Tuesday after close and its results are going to show whether demand for AI servers is still strong. Number three, Cisco CSCO Wednesday after close. Cisco's results are going to show whether AI demand is boosting network equipment sales. And then number four, applied materials AMAT Thursday after close. Its outlook is going to show whether chipmakers are still spending heavily on new equipment. And then Lum light lit t Tuesday after the close. Its results could affect poet which is the stock I own and am in a swing trade on because both companies are exposed to demand for optical technology used in AI data centers. And then the sixth stock on watch this week is Nebius NBIS. Wednesday they're going to be reporting earnings. It's essentially a landlord and operating system for AI computing power. So, its earnings will show whether demand is growing fast enough to justify its massive data center spending. All of these earning events are going to be watched closely to confirm the AI story. Now, before I get into the stocks I'm going to talk to you guys about, let's take a minute and go look at the VIX because VIX measures fear. The market's climbing and it doesn't appear to have a reason to go down just yet. It's climbing that wall of worry. But the VIX tells a slightly different story. It fronts the potential for a reversal and a turn to the downside. Let's go look at what the VIX says right now. Okay, the VIX measures fear by how many options are used to cover long positions. And you can see that every single time we get close to this $15 mark, you get a pretty large reversal. The last time we got down here not too long ago, we hit the $15 mark, we got a fast reversal. And here we are. We've hit the $15 mark already, and we've already got a green candle giving us a potential reversal. Now, I'm not telling you that we're guaranteed going to roll over right now, but we have to keep an eye on the VIX because if this continues to move higher, it means that we're moving towards fear. All right. Today, I'm going to be talking to you guys about Microsoft. I'm going to get into that chart in just a minute. It's been climbing higher and I'm going to remind you of the target that I see it can hit. I also want to briefly touch on Tesla. It's been maintaining its levels. I'm going to remind you of the target of 350 and the commentary that I gave on the charts not too long ago about the 30 EMA being a critical area where it continuously comes back to. I'm believing that we could go as high as 350. Hit that 30 EMA and I'd be watching for strong rejection and a move lower. Right now, the markets are continuing to climb. And then service now, ticker NW, this thing is going higher. It continues to work. I'm going to remind you guys of where it could potentially be going. There's a target of 136 to the upside and the current support that it's well above is 122. That's the support level and 136 is the target. Service Now has been a stock that I've been consistently trading to the upside and it's continuing to work. And then I want to remind you of Dolingo. Now this stock we got out of not too long ago when it failed to rally above 142, but it's creeping back up towards 142. And I want to then again say that if it goes above 142, it's going to trigger a much faster move to the upside. Watch 142 on Dolingo for a breakout moment. Then I want to give you a level for Amazon. 283 is the trigger for a breakout move on Amazon. Put that on watch. Now today's video is going to be about Microsoft. Microsoft is holding above the 480 breakout level and that keeps the larger uptrend bullish. I want to specifically point out to you a big event that's about to happen on Microsoft and that's a cross of the weekly MACD zero line and it's accelerating higher. Now this supports a possible test all the way up to 520 and we got close to it today. Now I am not telling you to load into Microsoft if you're not in a Microsoft trade already. If you got in after a near $100 move, you'd have to have a very tight stop-loss. But for those who've been riding it higher, it's important to understand this isn't an uptrend and it's still got strength and it's still confirmed to the upside. Now, I will tell you that on the daily RSI, we're near the 78% level, which is overbought conditions. Now, if we do get any form of a pullback or a test of structure, we're going to come back to that 480 to 490 zone. That's the main pullback support zone for a stock that's in an uptrend and I believe ultimately is going to run up to 531. I want to highlight something important to you guys about Microsoft. It's been respecting the 3 EMA. Now, I I don't even think I've ever spoken about the 3 EMA. I normally mention that if price respects the 5 EMA that it's a very very hot trend. Well, Microsoft is bouncing on the 3 EMA, which means that this has been an incredible run. And the run is not over. Now, the run may cool off. And if we get any kind of a cool off mode, I want you to know that's not a reversal. The stock's already confirmed that it's going to go up and test its high that we're going to get a full measured move on this stock, possibly all the way up to 531. So, pullbacks are worth buying for a continuation higher. Let's take a minute and go look at the Microsoft chart. All right, we got into Microsoft before it jumped above 402 and it blasted off nearly $100. And the very last time I talked about it was when the stock hit 492, which was one of my fib levels. And I told you guys that if we could close a couple candles above 492, then it means that we would hit 531 and that would give us a full measured move on Microsoft. Now, what I'm telling you guys, if we get any type of a cool off, I think it's going to be for a test between 490 and 480, which is the level that I've got marked, any type of a modest pullback to this level is going to be a springboard for a move up to 531. And I'm going to continue to put this in front of you guys because this is my expectation. Now, is it possible that we don't come back and test this 490 range and we just go straight to 531? It is technically possible, but I am starting to see a couple weak candles here. And so I'm calling this out in advance to watch this 490 to 480 area for a pullback for an area of consolidation and a test. And the final move is going to be a bounce up to 531. I'm giving this to you guys before it happens so you can mark it on your charts, you can analyze the trade. You need to have a trade plan. You can't just buy something because I say that it looks good. When you tune into this page, I'm giving you my technical analysis for trades that I'm taking, trades that I'm in. I'm hoping that you can use it alongside your own analysis and that it could become confluence for you and give you more confidence. So, what I'm saying, I like Microsoft. It's been extremely strong. I think it's confirmed that it will go up to 531. I think if it pulls back between 490 and 480, that's the buy zone. But I think we're moving higher on Microsoft. Keep your eye out on that. Now, I'm gonna give you guys a couple bonus stocks. I'm going to take you into the chart and show you a couple other plays that I'm in. I'm in Netflix. I gave that to the Stocks with Josh Discord today. It ran up a couple dollars. The options were sweet, but I'm holding the shares as well, and it's continuing to climb. I'm going to give you guys my target on Netflix. This is a swing trade. This is not a long-term investment. I called Netflix out early today under $74. I do believe that we're going to run up and tap 78. And I believe that Netflix is in the process of potentially forming an inverse head and shoulders pattern, which means that after it hits 78, which is an area of resistance, it might get rejected. It might come back to around $70 and then that would be a great spot to go long. I believe it's building its base right now. I'm taking it day by day. I give strong predictions on this show. They're not meant to be taken blindly. They're meant to be taken together with trade disciplines like a stop-loss and position size management and your own trade plan. Let me know what you guys think of the stocks I've talked about today. Are you guys going to take any of these trades? Peace and blessings, my friends. I'll see you in the next video.