Stocks to Watch This Week (8/30)

Week of 8/30/21

Overall Sentiment for the week: Same sentiment as last week but with more of a mixed sentiment. Some sectors will be bullish while others will be in the neutral to bearish sentiment for the week. We also had the Fed basically say there will be no tapering yet until certain economic and employment conditions are met. Look at what the S&P 500 did after the Fed’s Jackson Hole event last week. In that same vein, Trade what you see and be flexible.

***Roku (ROKU)***

**Summary**: Sold post earnings and may be in an area for a rebound. It could also just consolidate in the zone on the chart as well. If you want to play a longer date contract like 1-2 months out that could also work here as well. 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 360 or a bounce off 350 or 343 with targets of:
  • 367.5, 382.5, 396 (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 352 or rejection of 360 with targets of:
  • 338, 329, 320 (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 below the 4 Period Variable MA and below the 21,50, & 72 EMA = Cautiously Bearish to Neutral
  • RNNR Spotter: Last signal was a Potential Uptrend on Friday. Look for a break of levels mentioned above for continuation of current trend and/or another confirmed buy or sell signal
  • RNNR Momentum: In Bearish territory with weak to mild sellers and appears to have potentially hit an exhaustion point for the sellers = Cautiously Bearish to Neutral
  • On Balance Volume w/ Bollinger Band & EMA: Below the 21 & 72 EMA and pointing up = Cautiously Bearish to Neutral

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

***Generac (GNRC)***

**Summary**: Its Hurricane Season and generators are in demand. 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 438.5 or a bounce off 428.3 or 421.25 with targets of:
  • 446.75, 456, 465.75 (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 428.3 or rejection of 446.75 with targets of:
  • 421.25, 411 (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 above the 4 Period Variable MA and above the 21,50, & 72 EMA = Bullish
  • RNNR Spotter: Last signal was a Potential Buy on Wed. Look for a break of levels mentioned above for continuation of current trend and/or another confirmed buy or sell signal
  • RNNR Momentum: Curling into Bullish territory with weak sellers. = Bullish
  • On Balance Volume w/ Bollinger Band & EMA: Above the 21 & 72 EMA and pointing up = Bullish

1D & Weekly Chart: https://www.tradingview.com/x/1ib22Dtn/ 

***Starbucks (SBUX)***

**Summary**: Post earnings consolidation happening. Plus Pumpkin Spice is back on the menu. Longer dated Calls could work here in Oct or Nov with a 120 price target. 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 115.4 or a bounce off 114.2 or 113.85 with targets of:
  • >116, 117.3, 118.75 (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 114.5 or rejection of 115.4 or 117.3 with targets of:
  • 113.85, 112.75, 110.85 (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 below the 4 Period Variable MA, below the 21 & 50 EMA, but has found slight resistance at the 72 EMA = Cautiously Bullish to Neutral
  • RNNR Spotter: Last signal was a Potential Uptrend + Sell early last week but buyers have stepped in as of late. 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 Bearish territory but with weak sellers present. = Cautiously Bearish to Neutral
  • On Balance Volume w/ Bollinger Band & EMA: Below the 21 EMA & 72 EMA and pointing up = Cautiously Bearish to Neutral

1D & Weekly Chart: https://www.tradingview.com/x/4nyLGMij/ 

***Square (SQ)***

**Summary**: May try to retest All Time highs this week. Let’s see what happens. 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 270.5 or a bounce off 261.6 or 256.8 with targets of:
  • 273.7, 279.6, 288 (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 261.6 or rejection of 273.7 with targets of:
  • 256.8, 252, 245.75 (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 running sideways at the 4 Period Variable MA, above the 21, 50, 72 EMA = Cautiously Bullish to Neutral
  • RNNR Spotter: Last signal was a Potential Uptrend early last week but sellers and buyers have been in a battle as of late. 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 with mild sellers present. = Cautiously Bullish to Neutral
  • On Balance Volume w/ Bollinger Band & EMA: Below the 21 EMA & 72 EMA and pointing up = Cautiously Bearish to Neutral

1D & Weekly Chart: https://www.tradingview.com/x/QRmlTL7l/ 

***Costco (COST)***

**Summary**: Back to school season + hurricane season. Look for At-the-money strikes on this. 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 451.6 or a bounce off 261.6 or 256.8 with targets of:
  • 453, 455.5, 457.5 (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 449.3 or rejection of 451.6 with targets of:
  • 446.5, 443.6, 441.3 (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 running sideways at the 4 Period Variable MA, above the 21, 50, 72 EMA = Cautiously Bullish to Neutral
  • RNNR Spotter: Last signal was a Sell on Thursday last week 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 but with mild sellers present. = Cautiously Bullish to Neutral
  • On Balance Volume w/ Bollinger Band & EMA: Above the 21 EMA & 72 EMA and pointing up = Cautiously Bullish

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

Honorable Mentions

AAPL – Needs to close above 149.8 to get a push to the next level. Until then, leave it alone as it still is consolidation. Upside targets are 151,152,153

SPY – At All time highs and had a really volatile week last week but may see some steady action if we continue to trend above all time highs. Be on the lookout for a slight pullback before heading higher.

XLU & XLE Watch for Hurricane Season

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