8/21/22 – 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.
Weekly Sell
Well here we are again on another Sunday night with the potential for a weekly sell setup. This has the right look and we are at a good area on the daily chart with the 200 sma coming down on top of us now. There is the potential that we can trade down into the 4200 number and back up into 4300 before we actually break down and get the full failure on the daily chart. 4236.50 will be the level to watch for a break above on the week and then longs are permitted. With the ES down 16 points at the moment though it makes more sense that we trade 4199.75 first.
Earnings on the week look really uneventful, but we have a nice carry over list from last week with the retail names. Will they hold the gap or fade it with market weakness is going to be the question to have answered. Fading the gap will be a sign of real weakness in the markets. Bonds turned extra weak on Friday and leads me to believe that market weakness might not find support at 4199.75 on the week, but I’m going to let the markets decide if/when that level trades.
One strong name on my list is $WOLF, but I don’t see much else worth adding to that list at the moment.
Weak names are almost every other name in the market, but $SHOP $ROKU $MRNA $TSLA $NVDA stand out the most here to me.
$TSLA will also have a stock split this week and I have to admit I’m not at all excited about it, because the $50+ range days in there will be over.
Let’s have a good week, but it is not the week to get overly aggressive with anything.
