Earnings and Economic data will dominate the landscape this week. The names on the earnings calendar will start Tuesday with Tesla finally broke lower on Friday, and we are now in the process of filling the gap from February 21. At $670, a gap fill still seems like the most likely outcome, with resistance at $800 now firmly in place and support at $750. However, below $750, things to the downside are likely to continue based on the gamma profile.
For Meta, it’s all about the $470 level, which has a significant amount of put gamma and a technical gap. At that level, one would expect to see a bounce. A break of $470 opens the possibility of a stepper drop to $390 and a gap fill from Meta’s fourth-quarter results.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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