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 was hit pretty hard last week when Fed Chairman Powell took to the microphone 🎙️😬. This week will be an interesting one as we see how far the slide will continue. With Powell on the docket to speak again on Thursday, patience will be key if we start to see a rebound in the early part of the week.
Some notable names scheduled to report earnings this week include COST, MU, NKE, BB and CCL.
Recent Winners Tracking
META…39% from 9/15
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
*Max gain potential on options alerted so far/before expiration
🚨 Start a FREE Alerts Membership Trial!
(3 to 5 options alerts sent weekly)
Weekly Learning Focus
Being on the right side of a trade requires strong conviction and confirmation.
What are your favorite tools & indicators that you use when focusing on A+ setups
If you’re not trading A+ setups, what are you trading?
Remember, volume is king & should be in focus all of the time!
Try to utilize these tools in conjunction with volume and you will find yourself taking better positions.
Does learning a winning foundation for your trading interest you? You should consider our Trading Course for Beginners that we built into our Trading Room on Discord.
The course is designed for beginners or new traders looking to build a solid foundation for their trading and investor career. We took an A-Z approach in covering the critical aspects all traders will encounter in their journey.
We are now offering a 7 day trial to our Premium Trading Room for just $5! If you’ve been wanting to try out all of the Premium channels in our Trading Room, there’s no better time than right now!
S&P 500 ETF (Ticker: SPY) – Daily Chart
As we mentioned in last weeks Watchlist the $443 level on the SPY was going to be a critical spot and the proceeding failure was as we had anticipated. Now sitting at the $430.42 mark, Monday morning will be interesting. If the spy gets heavy we could see support around the $426.50 level. If this support breaks to the downside we could be hitting the 200 SMA at $417 sooner than we think.
However, If the $426.50 level holds up and we see a bounce we will want to look for the SPY to show some confirmation by breaking over the $436 level of resistance. If we get this confirmation $445 wouldn’t be out of the question.
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.
Alibaba Group (Ticker: BABA) – Daily Chart
Drained into the $85 range this week before a bounce on Friday. Will look for BABA and other China Names to make continuation moves. Upside targets for BABA would be +$90 to $95/96. But can definitely show more upside if the volume is there. If more rejection at $90 zone, use last weeks low as risk as it can fall right back there & possibly lower. (other related names PDD, JD, JKS, BILI, FUTU, TIGR)
Ionq Inc. (Ticker: IONQ) – Daily Chart
Looking for a possible bounce here using last week’s low as the risk zone. IONQ is heavily shorted and can move to the upside if bears are forced to cover. If $13.5 holds, look for a move back to retest $15. If $15 is not rejected, there could be a bigger move the the upside towards $17.5. If $15 doesn’t come or is rejected, and $13.5 breaks to downside look for a possible move to $12-11.
Draftkings Inc (Ticker: DKNG) – Daily Chart
Chart now looks bearish (until higher high is made). NFL season is underway, and the hype of the opening day has faded. We will see if DKNG fades back through the $20s after losing $30. For a short sided trade, use $30-31 as first resistance. If that is rejected, look for a downside move to test $25, if no support there and it falls look for $21-20 in the coming weeks.
Boeing (Ticker: BA) – Daily Chart
Strong consistent sell off, broke under $200 last week, which is a strong psychological level. Would watch the $200 level to see if there’s any bounce play there as there is 2023 support. Look for other defense names to make a move for long conviction such as RTX & LMT. For BA look for $200 to reclaim/hold, for a bounce to retest $205-208-215. If $200 doesn’t hold, or is rejected, there’s still room to the downside for a downside move to $193-190.
Tesla Inc (Ticker: TSLA) – Daily Chart
After hitting a high of $273.93 last week, TSLA took a step back into the $250s. Watching the $250 spot this week keep it simple. Will see if this level holds, if $250 holds, we anticipate a bounce in the coming days-weeks. Look to target $260-$270 ranges for exits. If $250 doesn’t hold, look for $240 and possibly lower if market continues to sink as well.
Ready For An Alerts🚨 Membership?
We offer a 100% completely FREE 7 Day Trial, so you literally pay nothing to try out our service for a week. Receive 3-5 trade alerts THIS WEEK, if you choose to sign up right now.
If you decide that we aren’t the right fit for your type of trading, you can easily cancel your membership any time before the 7 days is up, and you won’t be charged.
The Trial even INCLUDES our SMS/Text📲 Alerts, which most of our members choose to opt into.
*Interested in becoming an Affiliate? Join the Pure Power Picks Affiliate Program! Sign up now to become an affiliate marketer and earn money on every successful sign up you send our way! Click the button below to sign up now!
Like the charts we use? Now you can use them on your mobile device with an app, browser, or desktop. This is the best charting available on the market right now for the average trader. Learn more about TradingView in our review here!