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 a bit of a pullback on the SPY it seems to have caught some strength off support into the end of last week. Loitering around some major psychological and technical levels, it will be an interesting week ahead!
A few notable names are scheduled to report earnings this week which include ORCL, SKIL & ADBE. We’ll also be on the lookout for CPI, PPI and Retail sales to have an influence on the market around the middle of the week.
Recent Winners Tracking
CAT… 51% from 8/29
META…95% from 8/29
DKNG…80% from 8/25
AAPL…59% from 8/25
AI…51% from 8/18
PYPL…37% from 8/17
TSLA…53% from 8/11
BBY…174% from 8/10
XOM…85% from 8/8
SHOP…88% from 8/7
*Max gain potential on options alerted so far/before expiration
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Weekly Learning Focus
Paul Tudor Jones II is an American billionaire hedge fund manager, known for predicting the 1987 stock market crash & lots more.💰
– Jones is known for his macro trades, particularly his bets on interest rates and currencies.
– In 1980, he founded Tudor Investment Corporation, which now manages $13 billion in assets.
– Jones got his start at his dad’s small business paper, the Memphis Daily News, where he wrote under the name Paul Eagle in high school and college.
– He cut his teeth trading cotton futures at the New York Cotton Exchange, under the tutelage of renowned cotton trader Eli Tullis.
– In 1988, he cofounded the Robin Hood Foundation, with the goal of reducing poverty in New York City.
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S&P 500 ETF (Ticker: SPY) – Daily Chart
The SPY started last week just over the $450 psych level but broke to the downside in the first 15 minute candle on Tuesday. After numerous attempts throughout the day to establish footing over $450 it eventually failed on Wednesday sliding further before catching some support on the 20 SMA around $445. If the 20 SMA holds up as support we could see another test of $450 in the week ahead.
However, If the 20 SMA breaks to the downside we could be in store for a test of the bottom of the recent trend channel around $440. If the SPY breaks below the channel and bears hop on the action we could see more downside, possibly even a move to the 200 SMA which it sitting around the $416 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.
Draftkings (Ticker: DKNG) – Weekly Chart
The 2023 NFL season is now in full swing, (Let’s Go!) and DKNG is trending very well. We are watching for more upside. However, to see the upside we are looking at $34.50 price as resistance. That needs to break and hold for more gains. If that level can be reclaimed and can hold, bullish targets would be $35.50 – $39.75 / $40 test in the short term. DKNG could really heat up if $40 holds and builds solid support in the coming days / weeks. If selling is strong watch out for a move back under $30 to $27.5 – $26.
Zoom Video Comm. (Ticker: ZM) – Daily Chart
Zoom has seen nice bullish action over the past 3 weeks. Last week we saw a spike to +$75.50 – and then it sold off a bit to close the week in the $72 zone. We will have our eyes on our Trading Room scanners for volume to show. The $75 range has been an area of stiff resistance in 2023. So, we will be expecting more resistance at that range until $75.5 can begin to show support. For now use $70-69 as support and keep an eye on a breakout over resistance with volume!
Apple Inc. (Ticker: AAPL) – Daily Chart
Big news week & a strong blast of volatility here with the news of China banning iPhone use by government. If trading AAPL, make sure to do your DD on that news. This may lead to a bigger sell off for AAPL in the coming weeks – months. We are looking at a bearish retrace to the $160-150 breakout zone. However, if $180-$185 finds footing & the SPY rips to new highs AAPL is most likely going up. But don’t be surprised to see this name fall back into the breakout zone mentioned above we saw breakout in March.
Microsoft (Ticker: MSFT) – Daily Chart
Tech goliath Microsoft $MSFT has casually worked it’s way back into the $330’s, keeping the uptrend alive. However, the $340 area will be the spot to watch. Look for a breakout over that to test ATH with time ($366.78) or fail if $335-340 shows weakness and the markets move to the bearish side of things. Look for $327.5-325 to remain as SOLID support. If that does not hold, a possible move to the August lows of under $320 to $311 zone.
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