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8/28/22 – 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.

Fun Week Ahead

Last week we were talking about the potential for the weekly sell to kick in and that the daily chart would likely be setting up a buy setup and that would have to then fail. This week we can look back on the charts and say that is almost exactly what happened. Powell probably did help in making that chart pattern complete itself with the massive move down we saw on Friday, but either way price is all that matters. One of the struggles I see with the week coming up is that we are getting a BIG move to the downside already and futures are down another 1%+ across the board here since the 6pm open, so if we decide to just tank from the open each day then entries will be tough. Then if and when we are able to get into positions holding thru the short cover rally pumps than can get a bit aggressive will be tough as well. Essentially what I’m saying is that this week is going to be a mentally tough one, and you will have to be on your A game each and every day.

Individual equities here are set to basically fall off a cliff, and from a weekly chart some are about to break the July lows and have already given back the rally over the last 2 months. Earnings this week is pretty light, and at the moment my favorite names on the list are $BIDU and $CRWD. These are names I rarely trade so we are reaching way towards the back on those. On the other hand there are some great looking patterns in names like $NVDA, $META & $ROKU that I’m going to be stalking for short entries.

I always like to have a long to watch as well, and at the moment that is $SNOW after it’s impressive move on earnings from last week. Catching a falling knife this week is likely going to get you cut so on longs I will be very cautious and likely wait for secondary entries and not try to fight the momentum of this market.

Let’s have a good week, and try to keep the emotions and excitement in check with the potential for these larger moves.

 

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