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Stocks To Watch – 10/23/2023

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Brief Overview

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
from 10/16
from 10/12
from 10/12
from 10/10
from 10/5
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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Market Brief

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

Most Anticipated Earnings Releases This Week

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.

We have many other names on watch and we’ll continue to monitor our breaking news feeds and stock & option scanners to help make the smartest picks with the most potential throughout the week!

Weekly Market Calendar

Source: MarketWatch

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