Wednesday, October 20, 2021

Midweek Watch - Almost back to highs! Don’t panic.

Midweek Watch w a former market maker $SPY, $QQQ, $NDAQ, $NUE, $CZR, $ZI, $IPG, $IBM, $PPG, $LVS, $CHK

with Jason - TheGoose

$SPY – S&P 500

Throughout the previous weeks, I talked about when the $SPY broke through the 50d and it held the 6 month Moving Average. It held and it shot up, now we have had a few days in a row of a green market. Don't get into panics because there are a few pullbacks, we are almost towards highs again. It has pulled down to the 6 month moving average then broke back over the 50d and it's holding it.

$QQQ – Nasdaq 100

$QQQ is also above the 50D moving average. What I wanna see is the 20D moving average curl over the 50D. I think we will be back in action moving ahead. When I see 6 to 7 days of pushing, I am expecting a few pullbacks. I would love to see a couple of days where things take a little bit of a breather as we are approaching earnings season.

The Ideas

$NDAQ – Nasdaq Inc.

My level: 194.55
Why: Monthly pivot and 50D moving average
Notes: Think it's a bit oversold, has been a really strong trend, wanna see it come right into the 50D.

$NUE – Nucor Corporation

My level: 102.50
Why: Prior low and 126D moving average (6 month)
Notes: Clearing the 104.50 area, think it will clear the 104.50 area and move straight up into the 50D moving average. Would like to see it come back, test one last time, and make another leg up.

$CZR – Caesars Entertainment Inc

My level: 110.50
Why: Prior low and monthly pivot
Notes: Prior resistance for a new support.

$ZI – ZoomInfo Technologies Inc

My level: 67.15
Why: Previous low and monthly pivot
Notes: Think this name is setting up for a breakout.

$IPG – Interpublic Group of Companies Inc

My level: 37.25
Why: Prior low, 50D, monthly pivot, and support.
Notes: If it does a quick drop, I'll be around. If I can pick it up at 37.25 and risk 20-30c for 90c to 1 point, I'll take this all day.

$IBM – IBM Common Stock

My level: 139.70
Why: Quarterly Pivot, 50D, and whole number
Notes: $IBM's report numbers were unimpressive in my opinion, and prior support is new resistance.

$PPG – PPG Industries, Inc.

My level: 160.40
Why: Previous close
Notes: They cut their guidance and it had a run into earnings, might take it at 160 for the whole number, $3 range, G2C play.

$LVS – Las Vegas Sands Corp.

My level: 39.80
Why: 50D, whole number, previous close
Notes: Earnings were rough, thinking it will find its way back to 35s.

$CHK – Chesapeake Energy Corporation

My level: 60.85
Why: Prior day's price action, prior low, monthly pivot
Notes: Bounced right off pivot at 60.85, bought right back up and closed into 62.00.

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