Well it's been quite an August for the market. As I discussed in a market update about a week and a half ago, the SPY is just trading in a range between two Fib levels around 284 and 294. Until that pattern breaks, we can expect to see choppy sideways markets. There was a lot of talk on Friday about how the last week of August was the best week for the market since June, but I largely discount that, since all we really did is go back to where we were the previous Friday morning. There are a few encouraging signs to point to, but for now I think we can't get too excited or worried about anything until we break out of this trading range we are in. Our approach will remain very patient until we see that happen. Other key things we will be watching this week market wise is how the SPY reacts to any tests of the sma50 above or sma20 below as well as watching the TTM Squeeze on the VIX daily and weekly charts. Here are some individual names that we will be watching this week:
WYNN bounced off of a short term double bottom and went into a TTM Squeeze on the daily. It is very close to setting up a 3/8/20 cross on the daily, and if that confirms we like this long over $111 for a move up towards $115
GVA is a very similar setup to WYNN but does not have the TTM Squeeze as of yet. If this can confirm a 3/8/20 cross on the daily, we like this over 28.65 for a move up for a $30 test and possible push towards the $32 area
NBIX is a biotech name that has its next catalyst not until the spring of 2020, but its making a bullish flag here after gap up and go move on July 30th. It is also in a TTM Squeeze on the daily. We like this on a pullback towards the sma20 and move back up through $98
SSRM is a gold name that is in a very nice TTM Squeeze on the daily. We like this on a move over Friday's high of 16.62 to test the recent high around 17.25 and then possibly push up towards $18
PINS has pulled off of recent highs and back tested and held the sma20 while respecting some short term diagonal trend line resistance We like this on a break of that trend line resistance or a move over the $35 level.
As always if you have any questions feel free to email us at email@example.com or firstname.lastname@example.org and trade green