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 great week in the books with Recent alerts on RIVN (+54% from alert) and PLTR (+37% from alert). With the SPY sliding down to the critical $421 level, it will be an interesting week ahead.
Back into full swing with a heavy docket of Earnings this week. We’ll hear from top market movers such as GOOGL, MSFT, BA, META & AMZN. Be sure to keep these in mind when looking for setups as they will likely have a direct effect on the market
Be on the lookout for reports on new home sales, Job numbers and PCE to have an influence on market action.
Recent Winners Tracking
PLTR…37% from 10/18
RIVN…54% from 10/16
AAPL…127% from 10/12
AFRM…38% from 10/12
PEP…115% from 10/10
X…34% from 10/5
PYPL…82% from 10/4
AAPL…95% from 9/28
DKNG…64% from 9/27
OXY…81% from 9/25
*Max gain potential on options alerted so far/before expiration
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Weekly Learning Focus
How to trade a bearish engulfing reversal: 👀
1 – Enter upon confirmation. ✅ A bearish engulfing candle.
2 – Know where your stop is. Stick to it. 🛑
3 – Set your targets. 🎯 Use a risk:reward ratio that will favor you over time. 1 risk to 3 rewards is legit. 💵 💵 💵 :❌
Use a time frame that makes sense for your plan of trading. Know what you’re getting yourself into. Shorter time frames may require quicker moves. ⚡
Act like a robot 🤖 without emotion and follow these steps. 💯
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S&P 500 ETF (Ticker: SPY) – Daily Chart
Opened last week at: $433.82
Hit a weekly high of: $438.14 on Tues 10/17
Hit a weekly low of: $421.08 on Fri 10/20
Closed the week at: $421.19
After trading sideways at the start of the week the SPY was batted down by the 50 EMA (daily chart) causing a decent slide before ending the week at the $421.19 mark. If the $420 level is able to hold we could see a move back to the $426.
However, if the SPY remains heavy and the $420 level breaks to the downside, we could see a deeper dive down to the $411.50 level before seeing support.
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.
Netflix Inc. (Ticker: NFLX) – Daily Chart
$400 spot has been magnetic. After earnings we saw a gap to +$400 range. This held for the week. Keep an eye on that level to see if it holds, if $400 does not appear to hold and becomes support, there may be that downside move that wipes out the $50 gap up. If $400 ends up holding, and the market retraces the sharp downside moves, look for resistance at $410 range. If that breaks to the upside it may have reclaimed the uptrend.
Nvidia Inc. (Ticker: NVDA) – Daily Chart
Softening up a bit, and a strong selling week back to crucial support levels. The important level range to hold is $410 under that more strong support at $400 range. So bulls will need to defend that. Good risk:reward to try to catch a bounce to $425 range off these support levels, but if they are broken to the downside a move under $400 could be quick moves down to $390.
Tesla Inc. (Ticker: TSLA) – Daily Chart
Huge week of selling, right below to past support levels, look for selling to heat up for a quick move to $200 range if $210 does not hold. Expect this to be volatile, a strong red weekly candle can often lead to continuation of the trend as sellers take over. $200 could also be a good spot for a bounce as well.
Alibaba Group (Ticker: BABA) – Daily Chart
After about a week and a half of selling BABA is currently sitting around the $80 mark. If bears are able to maintain control and $79.50 breaks to the downside we could see a BABA back to test May lows around $77.75. If the $77.75 level breaks we could be in store for low $70s in the coming weeks. However, If the $79.50 – $77.75 range holds and bulls regain control, look for a test of $82.50 for confirmation of a possible move to $89.
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