Hello Traders & Investors,
Scroll down to see the stocks we have on watch this week
We’re back to another Weekly Market Brief & Watch List!
Another week in the books and another critical spot for the SPY. It will be an interesting week as we see where the market will go from here with news of Congress narrowly averting a government shutdown. Earning season has wound down with only a few notable names reporting this week in TLRY, RPM and LEVI
We’ll also have our eyes on this weeks economic report with Manufacturing, job numbers and wages all scheduled to report this week.
Recent Winners Tracking
OXY…81% from 9/25
WMT…83% from 9/21
META…43% from 9/15
C…34% from 9/13
DIS…131% from 9/8
AMZN…49% from 8/31
CAT…51% from 8/29
META…111% from 8/29
*Max gain potential on options alerted so far/before expiration
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Weekly Learning Focus
The Gravestone and Dragonfly Doji are some of the most popular single candlestick patterns. 💯 Gravestone Dojis signal bearish reversals while Dragonfly Dojis signal bullish reversals.
Here’s some tips on what to look for and how to trade these candlestick patterns:
For Gravestone: ⚰️ 📉
👀 Find the gravestone candle at the top of an uptrend (using a strong resistance level)
⏰ Wait for the next candle to show a reversal confirm with volume before entering short position
🛑 Use stop loss above the high of the wick of the gravestone
For Dragonfly: 🐉 🪰
👀 Find the dragonfly candle at the bottom of a downtrend (using a strong support level)
⏰ Wait or the next candle to show a reversal confirm with volume before entering long position
🛑 Use stop loss below the low of the dragonfly
Use a time frame that matches your style of trading‼️
Try to utilize these tools in conjunction with volume and you will find yourself taking better positions.
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S&P 500 ETF (Ticker: SPY) – Daily Chart
The SPY settled around the $427 area on friday. After dipping down to the $422 area, the SPY recovered a bit of the midweek slide before closing out the week. If the $422 level hold up we could see some upside in the coming weeks. We will want to make sure the $431.50 level breaks to the upside and holds. If it does, we could see the $436 level before hitting resistance.
However, Is the $422 level fails, we could see a bigger slide down to the 200SMA at $420 and possibly beyond to test the $410 level.
Charts Provided By: Finviz
Weekly Stocks to Watch
Here’s some of the stocks we have on watch for the beginning of the week…
As always, we’ll be heavily focused on our news feeds & scanners for prime opportunities throughout the week.
U.S. Steel (Ticker: X) – Daily Chart
Huge bull flag forming for Steel on the 4 hour chart. Could be primed for a breakout to test 2022 highs of $39.25. Look for a breakout if the current levels hold / are broken to upside. $32.68 is last weeks high. Watch that price! A quicker long exit target could be $34-35 range, where there should be some resistance. Look for support on the bottom of the flag at $29.75. If that does not hold, we may see a step back and a move lower to $27.5-25. Right now, we see the chart being bullish.
Block Inc. (Ticker: SQ) – Daily Chart
This name has been a short sellers dream for a while now… it’s been bleeding out. However, last week we saw a ton of bullish flow come into the Trading Room for $45 & $50 calls. Strong resistance at $45.5. But if that breaks to the upside, look for bullish moves. We’re looking at $42.5 as good support. If that fails, we may see a move into the $30s. However, if $44-42.5 holds, and we see bullish action in the market, look for a move to break $45.5 and move towards 50 in the coming days/weeks/months.
Advanced Micro Devices (Ticker: AMD) – Weekly Chart
Looking at the weekly chart, we are seeing a flag moving into demand with declining volume at $95-$100 demand zone. AMD presents a strong risk to reward setup. Look for a move to the upside in the coming days/weeks as long as that demand holds. Target +$110 for a long exit. If under $95, look for more downside to test $90 and under. This was a PPP alert from a previous week and we saw the demand hold, looking forward to see AMD work.
Lucid Group Inc. (Ticker: LCID) – Daily Chart
Another short sellers dream, but we have a hunch that the majority of the selling may be coming to an end. We believe LCID will excel into the end of the year. We saw a dip under $5 this week that was bought up, closing the week over $5.5. We can use last weeks low under $5 as ultimate support. If that doesn’t hold, our theory could be flawed and we see lower prices. However, for a long term play / or a play into the end of Q4 may work out well. At these prices it may be a wise investment choice. Patient longs can target $7-9+ exits. Will be watching our Trading Room Scanners for moves with volume.
Geo Group Inc (Ticker: GEO) – Daily Chart
Strong finish last week closing above $8. We noticed this on our Trading Room Scanners as well. Looking like GEO may be on the verge of an upside breakout. While this might not be the most exciting mover, longs can target $9-10 (2023 highs were $12.42 in February) if we see a breakout over $8.5 hold. Look for steady bullish action here through the end of the year. We are using $7.5 as major support. If that does not hold, look for lower prices / slow price action to move in.
A couple of honorable mentions this week with GRPN and APRN showing up in interesting news and on our Trading Room Scanners last week. We’ll have our eyes on these names this week as well for continued action.
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