Hi all,

 

This week’s economic data indicated that the economy is still strong and jobless claims continue to drop. Investors and traders did not like that too much so the markets sold off. 

This week all eyes will be on the CPI data coming out Wednesday morning. For the Fed to hold steady with no more foreseeable rate hikes, we will need to see some continued weakening on the inflation front.

 

Recap Video: 

Watch the recap on YouTube

 

Sectors in Play Last Week:

• Energy and Utilities sectors were up the most for the week.
• Real Estate and Consumer Industrials were the biggest losers of the week.

 

Key Levels for this Week:

• DOW (34,576 now) – support level 34,200 and resistance is at 35,300
• QQQ (373) – support level 370 and resistance is at 380
• SPY (446) – support level 438 and resistance is at 458
• IWM (186) – support level 184 and resistance is at 195

 

What to Watch for this Week:

• Monday – nothing
• Tuesday - nothing.
• Wednesday – 8:30 CPI data
• Thursday - 8:30 Jobless claims and PPI.
• Friday – 8:30 Manufacturing survey, 9:15 Industrial production, and 10:00 Consumer sentiment.

View the Economic Calendar on Trading Terminal

 

Earnings this week:

• Monday – ORCL post
• Tues 
• Wed 
• Thurs ADBE, LEN post
• Friday

View the Earnings Calendar on Trading Terminal

 

Tracking:

- AAPL –Sept 12 iPhone 15 announcements. Apple usually sells off after an event but it already had a big sell-off last week so who knows where it will go. $180 looks like a top for now.

- AMZN – looks like it is ready to break out. Watch $143.5.

- BA – Bounced off 200-day SMA support at around $209. Could be support.

- DELL – breaking higher and continues to look strong.

- INTC – breaking higher and continues to look strong.

- NVDA – $440 still looks like good support after earnings for a put sale there as a bullish bet it will hold.

- TSLA – broke out Monday on a big upgrade. Watch $280 for resistance.

Sector Watch

- XLE – pulling back Monday but still in an uptrend. 

Positions:

DELL – long ~$70.

XLE – long

NVDA – long $445

 

Note: These are investments I am in or watching however, they may not be suitable for all investors. The author of this email is NOT an investment advisory service, a registered investment advisor or a broker-dealer and I do NOT undertake to advise clients or recipients of this email on which securities they should buy or sell for themselves. This email is provided for information purposes only and traders should always consult with their licensed BIDO financial advisors and tax advisors to determine the suitability of any investment.