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Weekly Market Review and Swing Trade Opportunities September 18th, 2023

Brian PezimBrian PezimSeptember 16, 2023
Weekly Market Review and Swing Trade Opportunities September 18th, 2023

Hi all,

 

This week’s CPI data indicated that inflation is still a concern with a 0.60% increase month over month and a 3.7% increase year over year. Investors and traders did seem to mind that much when the numbers came out.

 

Oil continued to move higher throughout the week, going through the $90 per barrel price. Higher energy costs are going to make it more difficult to get inflation down. Housing also continues to be strong.

 

Friday, the UAW went out on strike against all three automakers instead of just targeting just one as they often do. Also, on Friday Taiwan Semiconductor warned of delivery delays which some interpreted as a slowing in consumer demand. This news took all the chip stocks down. The ensuing selloff in the markets on Friday erased the gains for the week.

 

A lower high on the SPY and QQQ charts should be a little concerning for bulls going into next week. 

 

Recap Video: 

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Watch the recap on YouTube

 

 

Sectors in Play Last Week:

  • The utilities sector was up the most for the week.
  • Technology was the biggest loser of the week.

 

Key Levels for this Week:

  • DOW (34,618) – support 34,200 and resistance 35,000
  • QQQ (371) – support 365 and resistance 380
  • SPY (443) – support 435 and resistance 450
  • IWM (184) – support 181 and resistance 185

 

What to Watch for this Week:

  • Monday – 10:00 home builder confidence
  • Tuesday – 8:30 housing data.
  • Wednesday – 2:00 Fed rate decision; 2:30 Powell speaks
  • Thursday - 8:30 Jobless claims; Philly Fed Manufacturing; US leading economic indicators.
  • Friday – 9:45 S&P flash PMI services and manufacturing data.

View the Economic Calendar on Trading Terminal

 

Earnings this week:

  • Monday SFIX post
  • Tues AZO pre and APOG post
  • Wed GIS pre and KBH, FDX
  • Thurs DRI, FDS pre
  • Friday

View the Earnings Calendar on Trading Terminal

 

Tracking:

- AAPL – Support at $170 if it gets there for a long.

- AMZN – Pulling back after breakout. Looking for it to hold $140.

- DELL – $72.5 looks like a top for now. Could sell some calls there next week.

- GDX – Gold stocks catching a bid despite dollar weakness. $30 is resistance if it can break and hold above there, could be a long.

- INTC – $39 is now resistance and $37 is support. It could be good for a long-term hold.

- META - $315 is resistance. May sell calls again there next week. Big support is around $290.

- NVDA – Now it is at support $440. If it continues down $425 may be the next area to look for support.

- ORCL – shorted $109 puts last week on the bottoming action. Now $115 looks like resistance.

- SNOW – came back down to fill the gap. $160 is critical support now.

- TSLA – strong performance this week. Watch $280 for resistance and $260 for support.

 

Sector Watch

- XLE – nice run but looking extended. Taking profits. 

 

Positions:

AMZN – sold $140 puts and used the money to buy $146 calls expiring next week.

DELL – long ~$70. Sold $71.

XLE – long but taking profits

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.

Brian PezimBrian Pezim

Brian (Randy) Pezim is a Canadian trader and investor, with a focus on swing trading equities as well as day trading.