10/30/22 – Sunday Stock Talk Write Up
With this most recent move over the last two weeks out of fresh yearly lows I think the question A LOT of people are asking is whether or not the low is in. A valid argument could be made for that being the end of the selling, but on the other side I can also see the possibility that we come down and at least retest those lows if not go a little bit through them. This week will be pretty pivotal with the FOMC decision coming up on Wednesday and then later on in the week we have the Unemployment Rate as well. It is shaping up to be a pretty active week, and looks like we will have some good volatility to play.
In terms of the overall charts we have a very solid rally on the weekly chart at the moment with fresh daily uptrend started. That is something we haven’t seen since the middle of August when the daily uptrend broke and pushed us into the downtrend. The only wrench in that plan if you will is that the weekly chart is still in a downtrend and is getting close to the area in which we could see the next sell setup in there. If the lows are in then that will fail, but a weekly trigger on a sell setup and longs will be super tough.
Earnings this week are a very mixed bag with names like $UBER $AMD $DVN $ABNB $GNRC $ROKU $QCOM $MRNA $PYPL $COIN & $DKNG being the top names on my list to watch at the moment.
In the first half of the week I’m not expecting any crazy A+ trades that we can throw the farm at, so it’s going to be a very patience testing week and then after Wednesday with FOMC and the earnings lineup I’m expecting we will be busy. There is no reason to rush anything here, and keep the FOMO under control just in the event we do get some crazy move out of nowhere.
Let’s have a great week!