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10/1/23 – Sunday Stock Talk Write Up

What does the market have in store for us this upcoming week? What are the important support & resistance levels to be aware of? Read the Sunday Stock Talk Write Up to find out.

Lower To Go Higher

Welcome to Q4 of 2023. Don’t do anything stupid.

Now that we have that out of the way…

Earnings season is coming up in just about 2 weeks. That means that between then, and Thanksgiving we will have PLENTY of things to do. I’m expecting that earnings season will be pretty volatile. As for this week in the way of earnings we have $TLRY $MKC $LEVI and after you take a look at the charts on those you will then release we don’t actually have any earnings on the calendar for this week.

As for levels on the week I’m kind of thinking that we have to try and go lower first to then go higher. $SPY has levels up into 433.88 – 434.60 which would make for a great target on longs, but I’d like to see us try lower first this week. It would be even better if we could get a new low out of something like the Russell or Dow.

Chances are it’s the Dow that breaks the lows from last week while the rest of the indices hold. If we can get that and NQ up over the 15010.75 and hopefully some updated levels in the $SPY then I like longs. That means Monday is most likely a data gathering day though.

Weak charts in individual equities are all over the place.

Gold had a really nasty move lower, and at some point I would expect it to bounce, and that’s sort of the same thought with the markets after these past few weeks of selling pressure, but the one thing I’m not especially interested in doing is trying to catch a knife.

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