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5/15/22 – 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.

Green Week?

Markets have spent the last 6 weeks in a brutal downslide and even last week we saw the strongest stock on the board, $AAPL fall on the week. It was holding the 150ish range for quite some time, and then finally cracked down to 140 on the week. This pushed the Nasdaq through the lows of 2021 and erased an entire year’s worth of trading so far in 2022. Now the question will be whether we get a bit of a bounce here or another week of selling after the 2 day rally to finish off last week?

There are a couple things I’m watching for on this and it really depends on what order we trade them this week. Larger levels on the chart that most likely contain the action for the week are 3933.50 – 4153.75. This is a pretty wide range, but if I could have it my way we would trade lower to start the week down into 3933.50 and then flip the trend back to the upside for a rally to finish out the week up at 4153.75. As always there are a couple stopping points along the way for each of these moves, but the other side to this move is if we trade higher first on the week up towards 4153.75 without trading 3933.50 first then we leave some lower levels untested that could make for a nice surprise move lower in the next few weeks if it doesn’t trade by the end of the week.

A couple individual names I still like here for opportunity are $RIVN & $AFRM. $NFLX & $ROKU also look like they have potential for a rally, but again I still want to see that 3933.50 level trade first and react. With earnings this week in $WMT $HD $LOW $DE $AMAT I’m going to be keeping a close eye there for some sympathy plays as well with the overall ‘consumer’ type names.

We saw probably some of the cleanest action in a really long time on Friday so let’s hope that holds true this week, and just be patient for confirmations and entries.