07 Mar Weekly State of the Markets and Swing Trading Ideas Report
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Weekly Stock Market and Trading Strategies Report Week of March 8th 2021
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Notes on indicators and charts:
- 3721 support key area holds last week
- XBI ETF declines 28% from the high and maybe washed out on Friday
- Shorts covering late in week, NYSE Short Interest is tanking
- 3884 near term resistance
- 3x ETF service went long Biotech Friday in washout
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Another great week across the 4 services for members:
- Took some losses this past week due to the Thursday Friday washout
- 3x ETF service went long LABU on Friday
- TPS setting up with opportunities during this March Pullback
- ES Futures room advised to go long on Friday morning pre market, working out well!
General Market Summary: Updated Banister Market and Elliott Wave Views on SP 500
SP 500 and General Market Commentary
From 2/28 Report Last week:
” This time around, I’m watching 3711 and then 3550 as likely pullback support areas on SP 500.”
We hit 3723 this past week, and late in the week I suggested to my subscribers to watch 3720 area as well, so for now we held both. Going into last Friday’s trade we had a 13 day Banister Behavioral decline pattern, normally portends a shift in trend. This worked as of Friday as the market recovered off the intra-day lows. I advised my 3x ETF members to buy LABU at 80-86 and double down at 75 as Biotech was likely to wash out. So far so good, it hit 72 area on Friday then closed near 90. Perhaps, Biotech which dropped 28% from highs to lows has washed out?
I think we saw a lot of forced margin call liquidation selling on Friday as well in the morning, and once that was completed and stops were run on many names, we had an air pocket back up. Now we have to see if that 3720 area holds because if not, look for 3550 area in March before this correction winds down, but if 3720 holds we are clear. Same information I gave last week.
Updated SP 500 Weekly Chart: 3884 resistance to uptrend key for Bulls to take out…
Chart from Dec 27th Report repeated for reference: This was my projection back in late Oct 2020
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Ideas with a combination of strong fundamentals and attractive behavioral pattern charts combined
Rough week again last week especially for Biotech and Tech related names, small caps in those sectors etc… but a good rebound Friday, updated ideas list below:
HZO- 8 weeks tight base near highs, Operates 77 retail stores in 21 states selling new and used
recreational boats, pleasure and fishing boats
INMD- 5 weeks tight base near highs. Israeli seller of radio frequency devices used in minimally &
non-invasive cosmetic procedure/women’s health.
QFIN- Pulling back towards 10 week EMA line, a good buy at 20-21 as I said last week, it pulled back to 20 at one point. Chinese company’s data-driven tech platform helps financial institutions target products to consumers
TPX- 4 week ascending base breakout. Makes temperature sensitive visco-elastic pressure foam mattresses, pillows, and comfort/lumbar cushions
DT- Nice pullback 4 week corrective base pulling back towards 10 week EMA line. Develops software intelligence platform to allow customers to modernize and automate IT operations. Tested 10 week EMA this past week.
JCOM- 4 week ascending base at highs. Provides Internet-based fax, voicemail, email and call handling
PLT- 5 week corrective base towards 10 week EMA line, headphones/headsets for tele workers
PII- 7 week flat base breakout to highs. Manufactures all-terrain recreational/utility vehicles, snowmobiles,
replacement parts/related accessories.
MRVI- 6 week post IPO base, pulling back towards 10 week EMA line. Provides products to develop drug therapies, diagnostics, novel vaccines, and supports research on diseases.
PET- 5 week base near highs. Producer and distributor of pet products, lawn and garden supplies in
the United States.
MU- 4 week base near highs . Makes DRAM, NAND and NOR Flash memory, and image sensors used in
computers, servers and consumer electronics
HOME- 8 weeks tight near the highs, pullback this past week. Operates 212 home decor stores across 39 states , averaging about 105,000 sq.ft per store.
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