Weekly Watch List August 16th

Good Morning,

It was a somewhat exhausting week last week with the market just slowly grinding to new all time highs on a daily basis and not being able to move much higher than that or want to pull back much off of those all time highs. Although the path of least resistance remains up, we do have to be prepared for the possibility of some pullback when we are in conditions like these. This morning in the premarket we are pointing towards a gap down open, and it wouldn't take much to see a test of the daily ema8 or sma20 for the SPY, and if those don't hold there is some room down on the chart. This week on the calendar we have some Fed events that could move markets. Tuesday at 1:30 we have Fed Chair Powell speaking, and then on Wednesday we have the FOMC minutes. In both cases we can expect to see some market reaction and possible volatility. Other than that we have a pretty quiet week for the economic calendar other than the usual jobless claims numbers on Thursday morning. Here are some names that we will be watching this week:

AAPL is a name that I am already in, but I like this for much higher if we see a back test of the 147.50 area that holds as support. If this sets up I would look for a move up to the $155 area or higher

BIIB has a 3/8/20 cross up with a TTM Squeeze on the daily with some nice room up if it can get going. I like this on a pullback to $340 for a push up to the $370 area

BLMN is in an anchored vwap pinch with a TTM Squeeze on the daily. Since it made the April highs, a test of the upper anchored vwap has been a reliable short entry. I like this short on a test of that level around 27.50 for a move down to the sma200 around $24

DLTR broke out of some major resistance last week and still has a nice TTM Squeeze on the daily. I like this on a back test of anchored vwap resistance around $101 for a push up to fill the gap above around $107

PENN is a beat up name that had a recent 3/8/20 cross back up and is back testing that sma20 in a TTM Squeeze. I like this off of the sma20 around 70.50 for s push up to the $80 area

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