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!
Some interesting moves last week on past alerts we saw WMT put in a huge move to the downside on Friday which worked out well for the Puts we sent on 9/21 seeing a +513% exit opportunity from the time of the alert!
With the possible Government shutdown averted President Biden is focused on keeping military aid to the Ukrainian Military flowing. This will likely have an impact on the market as Americans continue to see rising cost of living.
Be on the lookout for a few major banks such as JPM, C, WFC and PNC which are all scheduled to report earnings on Friday after close.
Recent Winners Tracking
PYPL…38% from 10/4
AAPL…56% from 2/28
DKNG…39% from 9/27
OXY…81% from 9/25
WMT…513% from 9/21
ABNB…94% from 9/21
AMD…47% from 9/20
META…43% from 9/15
C…34% from 9/13
DIS…131% from 9/8
*Max gain potential on options alerted so far/before expiration
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Weekly Learning Focus
How to recognize a trend, and trade along with it. ☝️
Keep it simple when trading bullish trendlines 💯
A trend is established or confirmed on the 3rd move!
1️⃣ 2️⃣ 3️⃣
Trade the trend on the 4th tap of the trendline, look for an immediate move with increased volume! 📶
Before entering have predetermined exits AKA have a plan! ✅
Use a break of the previous low as a stop loss 🛑 and take profits above or at the previous high! 💰
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S&P 500 ETF (Ticker: SPY) – Daily Chart
Opened last week at: $426.62
Hit a weekly high of: $431.13 on Friday, 10/6
Hit a weekly low of: $418.81 on Wednesday, 10/4 (premarket low)
Closed the week at: $429.54
The SPY seemed to be finding support just under the 200 EMA (daily chart) around the 321.75 area last week before getting a nice bounce on Friday to close out the week. We will want to see the SPY break over the 100 EMA resistance around the $433 mark for confirmation. If $433 breaks to the upside we could see a test of the 50 EMA around $436.50 shortly after.
However, if the market gets heavy we could see a slide back down to the $421.75 to retest support. If the $421.75 level fails, Look for a move back to $414 > $413 and beyond.
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.
Pinduoduo (Ticker: PDD) – Weekly Chart
With a nice bull flag setting up PDD caught a nice pop with the market on Friday. Showing up strong on our Trading Room scanners last week there could still be room to move higher if bullish action keeps up this week. We will be looking for a break over the $110.50 resistance level for a move to test $117.50 and beyond. If bears step in and take over action, we could see a test of support around $92.25. If this level breaks to the downside look for it to test the 200 EMA (weekly chart) around the $73 mark.
Overstock (Ticker: OSTK) – Daily Chart
Showing up on our Trading Room scanners on friday, OSTK saw a nice pop off the bottom trend line towards the end of the week. Currently wedged between recently broken support and 20 SMA resistance we will have our eyes on this one to see how it opens on Monday. If support fails we could easily see OSTK slide back to the $16 level. However, if action keeps up and OSTK is able to break over the 20 SMA, the $20 mark is not out of the question.
Coca Cola Co. (Ticker: KO) – Weekly Charts
Huge fails on KO for the last 2 weeks, this name was showing up all over the place in the Trading Room (Unusual flow, Twitter feeds and scanners), but we might be a little late to the party. That being said we will be keeping our eyes on this one further downside. Looking at the weekly chart, KO is currently sitting at late 2021 lows. If we see a break under $53, we will likely continue to see more downside action in the coming weeks. If the $53 mark can stay strong we may be in a great position to take advantage of the bounce for a possible ride back up to test $54 > $57.
Pepsico Inc. (Ticker: PEP) – Weekly Chart
After putting in a great tend throughout 2021 – 2023, the higher highs and higher lows finally broke to the downside causing a big slide back to mid 2022 levels. Similar to KO above, this name will heavily depend on how thing open up Monday morning. If PEP can’t make it over $162 we could see further slide to test $157 > $154 > $150 in the coming weeks. If we are able to break over $162 look for PEP to test $166 > $175.1
Rivian Automotive Inc. (Ticker: RIVN) – Daily Chart
Another name that experienced a deep dive on Thursday of last week, RIVN bounced a bit on Friday getting back over the 200 SMA (daily chart). For this one we will be looking for the 200 SMA act as support. If support stays strong we could see RIVN claw its way back up to test the 20.75 level. However, If the 200 SMA fails to hold up, we could more downside and a test of support around the $16 level.
Crowdstrike Holdings (Ticker: CRWD) – Weekly Chart
CRWD was another name that hit our Trading Room Scanners on Friday. With a nice uphill trend throughout 2023 on the weekly chart, we’ll be looking for bulls to continue the action into the end of the year. If the trend fails look for support first around $159 then $149 if the slide continues. If the trend keeps up, look for the first sign of resistance around the $191 level.
MGM Resorts (Ticker: MGM) – Weekly Chart
Yet another name showing up on our Trading Room scanners on Friday. When looking at MGM on the weekly chart all the way back to 2021, we see that $36 – $37 has been a bounce level in the past. Look for MGM to cross into $37 territory for confirmation as it could continue to make its way back up to test $40. If the $36 level fails look for some support around $35 with the 200 SMA, but if it remains heavy, we could see $33.50 as the next level of support.
A few honorable mentions this week with PINS, XPEV, ROKU NFLX, BABA & AI 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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