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11/6/22 – 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.

Decision Time

Well the market certainly has some work to do this week. Will we continue this brutal weekly downtrend, or does the daily try to make a stand for it, and keep us from falling off the cliff at least? At the moment we have the weekly sell setup in place, and a technical trigger from last week. Under the lows from last week, and realistically under 3727.25 and I still have my sights set on 3643.25. I was looking for that level to trade last week, and it really looked like it was going to happen on Thursday, but we couldn’t get the follow through. Longs for me in the market will continue to be hard until that level trades, and even then it doesn’t have to produce a reversal, but it certainly has a better chance in my opinion than where we are currently trading. IF however we do manage to get up over 3793.25 with confirmations then I will be looking for potential longs.

The economic calendar is pretty light overall, but we do have the Congressional Elections taking place this week, and I want to say that we could likely see some knee jerk type reactions to some things from it. With the volatility we are getting in this market I would think that VIX was 30+ but for some reason it has actually been trending a bit lower since FOMC took place, and so is the market. That isn’t a normal thing, and is really the only thing I see across the board that even hints at potential bullish action.

Earnings this week are nothing to get super excited about, but we do have $PLTR $NCLH $DIS $RBLX $TTD $RIVN $WYNN & $NIO that could be interesting.

Individual equities that have potential at the moment are going to be $CAR $WMT $TSLA

$CAR – Daily and weekly look good in here, and up over 235.36 could start to nibble on longs. Over 244.36 with confirmation and it could start a runaway move with legit room towards the 300 whole print.

$WMT – A move up over 143.25 this week, and core/swing longs could be put on in here most likely as well. It will be one of a handful of names in a daily uptrend, and taking out the FOMC highs from last week.

$TSLA – Under 204.83 I’m interesting in shorts, and confirmations under 199.82 and I think there is room down towards the 160 number. This has some serious drop potential, but I want to have the market in our favor with this one, as otherwise it could base at these lows on the week with some fake outs down that I don’t want to get caught in.

Let’s have a great trading week, and also keep in mind that Mentorship applications will be opening up this week. Time to finish out 2022 strong and get ready for an eventful 2023 ahead.

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