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!
The SPY gave up the whole week of gains on friday putting it in a critical spot to start off tomorrow morning. We’ll be ready to send out any alerts that come up as soon as the sentiment reveals itself. Not much in the way of earnings this week. Notable names include AZO, GIS & FDX scheduled to report.
We’ll also be on the lookout for Interest rates and Fed Chair Powell to have an affect on the market which are scheduled to report Wednesday.
Recent Winners Tracking
C… 34% from 9/13
CAT… 51% from 8/29
META…111% from 8/29
DKNG…92% from 8/25
AAPL…59% from 8/25
AI…51% from 8/18
PYPL…37% from 8/17
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Weekly Learning Focus
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S&P 500 ETF (Ticker: SPY) – Daily Chart
We saw another reject of the $450 psych level on the SPY this week. After making its way up to the $450 level the spy got slapped back down on Friday and is not sitting around the $443 level and right at the bottom trendline of its recent channel. If $443 fails to hold we could see the SPY dip down to the $437 level and beyond.
However, The the $443 level holds and the SPY stays within the channel, we could see a move back up tot test the $450 mark. If $450 breaks to the upside we could see a retest of recent highs around $459.
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.
Apple Inc. (Ticker: AAPL) – Daily Chart
There looks to be bear flag forming on the daily chart following the news of China banning iPhones for employees of government agencies and state owned enterprises. Apple gapped down following this news and is now trading within the $180 to $173 range. If $170 breaks to the downside we could see more slide to the $164 area and beyond. If Apple is able to make a move back up over the $180 level, we could see a move back up to recent highs around $190
Amazon (Ticker: AMZN) – Daily Chart
Amazon is putting in higher highs and higher lows on the daily chart. We could see a little bit more pull back this week but if this trend keeps up as it has we could see a nice pop this week. If the $140 level holds up here we could see a bounce to a higher high over the $146 and possibly $150. If the $140 level fails to hold up we could just be seeing a bit more pullback before putting in a higher high so we will want to be careful here. If Amazon slides back under the $136.50 level we could see a move back to the $131 level.
Palantir Technologies Inc (Ticker: PLTR) – Daily Chart
Palantir is currently riding the bottom trendline in this recent channel and showed some weakness on Friday. If the $15 level gets heavy here we’ll see a break of the channel and possibly a further slide to the $14>$13>$12 marks. If Palantir is able to claw it way back off the bottom trend line and get over the $16 mark, we could see a move up to test the $18 mark.
Carvana (Ticker: CVNA) – Daily Chart
Carvana is a name that was hitting the scanners in our Trading Room hard last week making its way up to the $55 level before coming back down to the $52 level on Friday. If Carvana breaks under the $50 level we could see more of a dip back down to the $45 support level. If this name holds up and we could see another test at the $55 level. If $55 breaks to the upside we could see a bit more upside before a test of the $57.25 resistance.
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