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
After crawling back from the low $400s the SPY found some footing to trade sideways for a week. With action ramping up towards the end of last week we could see things heat up with heavy influence from Apple which is showing a bullish sentiment.
Be sure to also keep an eye on the Federal Economic calendar as we have a packed agenda this week as well as another full docket of earning.
Recent Winners Tracking
CRM…35% from 11/3
MARA…37% from 11/2
AAPL…312% from 10/30
GOOG…303% from 10/24
PLTR…73% from 10/18
RIVN…102% from 10/16
AAPL…238% from 10/12
AFRM…80% from 10/12
PEP…115% from 10/10
RTX…307% from 10/9
X…34% from 10/5
PYPL…165% from 10/4
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Weekly Learning Focus
A dead cat bounce (DCB) 🙀 is a short term price reversal bounce!
It happens after a catalyst that creates a steep selloff. 🔻
The bounce is usually triggered by a high amount of shorts covering their positions.
Here are 2 Ways to trade this setup.
🟢 Buy the DCB long.
🔴 Short the reversal back down
Keep it simple‼️ Have targets 🎯 and take profits 💰 & manage risk like a pro when you’re wrong 🧙♂️ ‼️
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S&P 500 ETF (Ticker: SPY) – Daily Chart
Opened last week at: $435.47
Hit a weekly high of: $440.93 on Fri 11/10
Hit a weekly low of: $433.40 on Thurs 11/9
Closed the week at: $440.61
We finally saw a bit of price stability on the SPY last week as it traded sideways for the most part. Currently sitting around the $440 mark we will want to look for resistance at the $450 psych level. If the SPY is able to break through the $450 level and hold we could see more action to the upside and a possible retest of late July highs.
However, If the market gets heavy and the $437 level fails to hold as support, we could see a Test of the 50 EMA (daily chart) around $431. If this level fails to hold, look for the next support level around $424.
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.
Coinbase Global (Ticker: COIN) – Weekly Chart
Coinbase saw a strong move on Thursday of last week, hitting a high of $99.82 before rejecting and closing the week at $92.92. Look for $92.5 – 90 range as support, with increasing volume, a move back to last weeks high may happen, a breakout over that could really get moving. However, if support fails COIN could settle back around $85. Look at BTC price action for confirmation bias.
Meta Platforms (Ticker: META) – Weekly Chart
News of Zuck selling hit the street… Technically, META looks like it can break out to a new level. Over ($330.54) holding is what we want to see if long for longer targets towards $350. If $330 zone remains resistance, look for moves back towards short side targets of $325 – $315 – $300 with market selling.
Shopify Inc. (Ticker: SHOP) – Weekly Chart
After posting a strong weekly candle, the Shopify level we’re looking at is $60. Above that, there could be a stronger move to the upside with a first target of $67. Under that, there could be a move back towards a $56 target. A breakout over $72 could lead to a large move with volume.
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