24 Jan Weekly State of the Markets and Swing Trading Ideas Report
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SWING TRADING OF 3X ETF’S , STOCKS, E MINI SP 500 FUTURES, AND GROWTH STOCK RESEARCH SERVICES VIA SUBSCRIPTION
Weekly Stock Market and Trading Strategies Report Week of January 25th 2021
“I’ve mentioned it before, but it’s worth mentioning again. I’ve been a subscriber in three of Dave’s services – SRP, TPS and 3xETF for about a year now. Because I feel so highly in regards to Dave’s services and the performance I’ve experienced; my daughter, my brother and another friend have become subscribers to at least one of his services. I’m working on a couple other people as well😉 Dave thanks so much for all you do!” – 1/7/21- @JTD26 on Stocktwits
Notes on indicators and charts:
- SP 500 hits 3861 uptrend highs during the week, 3996 remains the 5th wave target
- Advisors at 63% Bullish Views vs 17% for Bears, historically high
- Major 5 within 135 points of my 3996 Major 5 projection made in late October
- SRP closed out 2 more profitable swing trades and issued two new alerts during the week
- New TPS position written up late Friday, an IPO that has not yet broke out but close
- Put to Call ratios are bearish (Meaning, nobody betting against market) Ratio at .34 is historically low (Chart)
Stock ,ETF , and SP 500 Futures Swing Trading plus Growth Stock Investing options for members
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Another great week across the 4 services for members:
- SRP Swing Trade Stocks DM final 11% gains taken, APPS final 19% Gains taken
- 3x ETF- Still holding LABU with profits
- ES Futures- Futures guidance remains bullish for 3996 possible
- TPS- INMB rips higher then pulls back late in week. New position out on Friday
General Market Summary: Updated Banister Market and Elliott Wave Views on SP 500
SP 500 and General Market Commentary
The SP 500 is the index I forecast since there are 500 stocks and multiple industries represented. We hit an uptrend high from the March lows this past week as part of Major Wave 5. Still seeing 3996 area as potential for a top and then a 2nd wave correction likely could take us to 3200-3400, but lets take it one week at a time. Also, we could go past 4000 and have an extension 5th wave as well. Continue to follow my services to stay on top of the trends daily.
As noted here last week, gut says we are getting closer to that top. We have put to call ratios at historical lows, sentiment readings at historic highs, non profitable tech stocks (NASDAQ) at relative historical highs to profitable companies, and a Major 5 nearing a typical length high or close. Its good to be on guard.
With that in mind, I have purposely slowed down the number of new alerts and keeping the positions to just 2-4 or so for now. I don’t want to get caught with our pants down if the 5th wave decides it’s over quicker than expected. However, still finding plenty of profitable trade set ups and we issued two new alerts this past week after closing out 2 positions for gains. I will likely add a few more early this week depending on the action.
Charts this week , SP 500 Weekly, GOLD weekly, Put to Call Ratio Weekly
Put to Call ratio at extremes:
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In addition to being a member of various services, you can follow my comments during the week:
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Each week I try to come up with some fresh ideas, repeats as well if they have not broken out yet, or I remove prior ideas if they already ran up.
APPS ripped higher off this last last week and luckily we were long at SRP and took 19% gains.
Ideas with a combination of strong fundamentals and attractive behavioral pattern charts combined
HZO- 3 week ascending base at highs, has been on the list recently, near a 5 month overall breakout. 77 Retail stores in 21 states selling new and used boats, pleasure and fishing etc.
LOGI- On the list again, 3 weeks tight base near highs, tested 10 week line on pullback this past week. Strong earnings report, computer peripherals maker
XPEL- 6 week ascending bullish base at or near 52 week highs, 2nd week in a row on list. Manufactures and distributes after market automotive products in U.S, Canada, U.K and Netherlands. A bit extended so tight stop if you play.
BLDR- 5 week base near highs. Manufactures structural and related building products for residential new construction in the U.S. 2nd week in a row on the list.
FND- 6 weeks tight base near highs. Multi Channel specialty retailer of flooring and related accessories
QFIN- 3 week ascending base and near a 7 month overall breakout of the range Chinese provider of digital consumer finance platform and consumer financing services.
SCPL- 7 month breakout possible for spin off from Scientific Games, online gaming etc. 3rd week in row on list, SRP members got long this past week
TPX- 6 weeks tight pattern near highs for maker of custom mattresses, 5th week in row on list
HZNP- 3 weeks tight base near highs. Develops therapeutics for the treatment of rare and rheumatic diseases
YETI- 6 week flat base near highs. We made money on this at SRP a few weeks back but looks attractive again. Designs, manufactures and marketing innovative and outstanding outdoor products
CHGG- 5 weeks tight base near highs for online education tools provider, 2nd week in row on list, moved up a bit last week but still looks bullish. 3rd week in row on list
FSLR- 5 weeks tight base near highs. Solar module manufacturer
HEAR- 6 weeks base near highs, going on overall 7 month flat base. Often leads to big breakouts. Develops audio technologies for video game/entertainment consoles etc.
YALA- 8 week consolidation post IPO. I profiled this around 10 a few months ago post IPO, ran to 19 or so and now could set up for another base breakout. UAE based social network business.
HOLX- 7 week base, broke out 2 weeks ago but pulled back a bit last two weeks 10 week EMA Line. Develops imaging systems and diagnostic and surgical products focused on the healthcare needs of women
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