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8/7/22 – 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?

Market were a little bit funny last week where we didn’t really see that big of a move out of the indices, but there was some rotation that took place. RTY for the first time in a long while is now the strongest index out there, and it looks like it’s ready to make a move up over the 2,000 whole number, but the other markets are potentially putting in a bit of a weekly sell setup here. As we come into the back half of earnings season here and the majority of the big names out of the way I’m expecting us to at least ‘try’ and go a bit sideways here for a week or two before getting the final pop up into 4225.50 for the ES. At that point then I would be looking more so for the weekly chart to roll over and take us back down towards the 3800 area. IF we are going to get some sideways action here then failed breakouts and breakdowns would be the new norm for a bit, so wait for confirmations and 2nd entries will likely be preferred.

Speaking of earnings we do have some good names coming up this week like $UPST $NCLH $COIN $RBLX $DIS $RIVN and many others.

As much as it pains me to say it I think some of the best watches on the week might be $AMC & $GME With weak action on Friday they both outperformed and finished the day with a nice green bar. $BYND also falls into this group, after one of it’s biggest days in a very long time.

The top weak watch at the moment is $TSLA and as long as it can stay under 878.73 then there is room on the daily down into 837.38 and then 806.30 which is where the daily could hold us up. In order to see this move I do think some market weakness will have to come in, so in a picture perfect world if we can have a small green day in the markets on Monday and then just erase that move on Tuesday, and $TSLA trades under 859.50 I will be picking up some puts for that move. That is of course ALOT of things that need to come together for this one trade, but that is sort of where every chart on the board is at, so it could be a slow start to the week, but it is very much a stock pickers market at the moment, so have some patience and reduce your number of trades. Let’s have a great week!

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