Stocks to Watch this Week (8/02)

Week of 8/2/21

Overall Sentiment for the week: More companies reporting earnings. I anticipate this is the last week before we start to see a bearish pullback in many sectors. So be mindful of trade size this week as we may see more choppy volatility in the markets.

***S&P 500 (SPY)***

**Summary**: Currently in a channel. In addition to more companies reporting earnings this week. I anticipate this is the last week before we start to see a bearish pullback in many sectors. So be mindful of trade size this week. All analysis is based on the Daily chart but the Weekly chart is posted for additional reference. Here are some scenarios for the week:

  • Long/Calls: A break and close above 439 or a bounce off 437.75 with targets of:
  • > 440.75, 441.75, 443.25, 444.75 (Also Watch for potential rejections from these levels to go short to previous target and/or re-test before a breakout)
  • Short/Puts: A break and close below 437.75 or rejection of 439 or 441.75 with targets of:
  • 436, 433.75, 431.75, 428.75  (Also Watch for potential bounces from these levels to go long to previous target and/or re-test before a breakdown)
  • Possible Consolidation between breaking level and 1st target on the Long or Short side pending which happens first.

**Indicators**:

  • MOVING AVG: Currently riding above the 72 EMA and the 4 Period Variable MA = Cautiously Bullish
  • RNNR Spotter: Last signal was a Potential Downtrend. Look for a break of levels mentioned above for continuation of current trend and/or another confirmed buy or sell signal
  • RNNR Momentum: Still in Bullish territory but flat in the short term. = Neutral
  • On Balance Volume w/ Bollinger Band & EMA: Below its 9 EMA, sitting on the 21 EMA, & above 72 EMA. However, it’s pointing down. = Neutral

1D & Weekly Chart: https://www.tradingview.com/x/RM2PoeEY/ 

***Peloton (PTON)***

**Summary**: In Consolidation before earnings in a few weeks. So an earnings run may happen this week or next week pending overall market sentiment. All analysis is based on the Daily chart but the Weekly chart is posted for additional reference. Here are some scenarios for the week:

  • Long/Calls: A break and close above 120.5 or a bounce off 115.75 with targets of:
  • 122.75, 126.25, 129.7, 134 (Also Watch for potential rejections from these levels to go short to previous target and/or re-test before a breakout)
  • Short/Puts: A break and close below 115.75 or rejection of 120.5 or 122.75 with targets of:
  • > 113.25, 109.75, 107.3, 104.5 (Also Watch for potential bounces from these levels to go long to previous target and/or re-test before a breakdown)
  • Possible Consolidation between breaking level and 1st target on the Long or Short side pending which happens first.

**Indicators**:

  • MOVING AVG: Currently riding sideways below the 4 Period Variable MA and right above the 72 EMA = Neutral
  • RNNR Spotter: Last signal was a Potential Downtrend + Sell. Look for a break of levels mentioned above for continuation of current trend and/or another confirmed buy or sell signal
  • RNNR Momentum: Still in Bullish territory and curling down in the short term. = Cautiously Bullish to Neutral
  • On Balance Volume w/ Bollinger Band & EMA: Squeezed between its 9, 21, but above the 72 EMA and pointing down. = Cautiously Bullish to Neutral

1D & Weekly Chart: https://www.tradingview.com/x/E1eis4ge/ 

***Netflix (NFLX)***

**Summary**: Experiencing Post Earnings Consolidation but with potential to run between key levels in the short term. All analysis is based on the Daily chart but the Weekly chart is posted for additional reference. Here are some scenarios for the week:

  • Long/Calls: A break and close above 519.75 or a bounce off 513.5 with targets of:
  • > 521.8, 524.5, 530.75 (Also Watch for potential rejections from these levels to go short to previous target and/or re-test before a breakout)
  • Short/Puts: A break and close below 513.5 or rejection of 519.75 or 521.8 with targets of:
  • > 511, 509, 505.6  (Also Watch for potential bounces from these levels to go long to previous target and/or re-test before a breakdown)
  • Possible Consolidation between breaking level and 1st target on the Long or Short side pending which happens first.

**Indicators**:

  • MOVING AVG: Currently closed at the 72 EMA and below the 4 Period Variable MA showing sideways action = Neutral
  • RNNR Spotter: Last signal was a Sell but buyers stepped in. Look for a break of levels mentioned above for continuation of current trend and/or another confirmed buy or sell signal
  • RNNR Momentum: Currently pushing into Bearish territory and flat in the short term. = Cautiously Bearish
  • On Balance Volume w/ Bollinger Band & EMA: Above its 9, 21, & 72 EMA and pointing up. = Cautiously Bullish

1D & Weekly Chart: https://www.tradingview.com/x/KSrM1ALM/ 

***Apple (AAPL)***

**Summary**: Experiencing Post Earnings Consolidation but with potential to run between key levels in the short term. Also there is Dividend payout on 8/6 so a selloff could occur the day of after. All analysis is based on the Daily chart but the Weekly chart is posted for additional reference. Here are some scenarios for the week:

  • Long/Calls: A break and close above 146.25 or a bounce off 144.1 with targets of:
  • 147.5, 148.5, 149.25, 150, 152 (Also Watch for potential rejections from these levels to go short to previous target and/or re-test before a breakout)
  • Short/Puts: A break and close below 144.1 or rejection of 146.25 with targets of:
  • > 142.5, 141.5, 140, 137.25  (Also Watch for potential bounces from these levels to go long to previous target and/or re-test before a breakdown)
  • Possible Consolidation between breaking level and 1st target on the Long or Short side pending which happens first.

**Indicators**:

  • MOVING AVG: Currently riding above the 72 EMA and the 4 Period Variable MA in sideways action = Neutral to Cautiously Bullish
  • RNNR Spotter: Last signal was a Sell but Buyers stepped in. Look for a break of levels mentioned above for continuation of current trend and/or another confirmed buy or sell signal
  • RNNR Momentum: Still in Bullish territory and curling down in the short term. = Cautiously Bullish to Neutral
  • On Balance Volume w/ Bollinger Band & EMA: Above its 9, 21, & 72 EMA and pointing up. = Bullish

1D & Weekly Chart: https://www.tradingview.com/x/pMAy5VKc/ 

***Walmart (WMT)***

**Summary**: Earnings in 2.5 Weeks. So an earnings run may be in order as it has lagged behind its retail cousin Target. This all depends on market sentiment over the next 1-2 weeks. All analysis is based on the Daily chart but the Weekly chart is posted for additional reference. Here are some scenarios for the week:

  • Long/Calls: A break and close above 143 or a bounce off 140.75 or 139 with targets of:
  • 145.1, 147.5, 150, 151.75  (Also Watch for potential rejections from these levels to go short to previous target and/or re-test before a breakout)
  • Short/Puts: A break and close below 141.25 or rejection of 143 with targets of:
  • > 140.75, 139, 137.25, 135, 132  (Also Watch for potential bounces from these levels to go long to previous target and/or re-test before a breakdown)
  • Possible Consolidation between breaking level and 1st target on the Long or Short side pending which happens first.

**Indicators**:

  • MOVING AVG: Currently riding above the 72 EMA and the 4 Period Variable MA but showing some sideways action = Cautiously Bullish
  • RNNR Spotter: Last signal was a Potential Downtrend but the trend reversed a couple of days later. Look for a break of levels mentioned above for continuation of current trend and/or another confirmed buy or sell signal
  • RNNR Momentum: Still in Bullish territory and curling up in the short term. = Cautiously Bullish
  • On Balance Volume w/ Bollinger Band & EMA: Broke above of its 9, 21, & 72 EMA but pointing up. = Cautiously Bullish

1D & Weekly Chart: https://www.tradingview.com/x/PcxrbPyT/ 

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