06 Aug Weekly Stock Market Forecast and Swing Trading Ideas Report
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Weekly Stock Market Forecasts, Charts, and Swing Trading Ideas List and Strategies Report
Week of August 7th 2023
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General Market Summary plus Swing Trade Ideas List:
Updated Banister Market and Elliott Wave Views on SP 500 and more and weekly swing trade updated ideas list is at bottom of this report
Markets and more:
Last weekends note repeated: “Now though things are still attractive from a chart perspective but we are starting to pile up some signs of topping short term. I look at sentiment readings, Elliott Waves, and much more as well as 200 week EMA Lines, Weekly Bollinger bands on major sectors/ETF’s, and other readings like % of bulls in surveys vs bears, along with money manager positioning percentage wise in equities. My target for 2023 has been 4800 for the SP 500 but short term we could be ready for a correction in the Aug/September window, but again one day at a time as usual.” – 7/30 Weekend Report
Well that played out as we had a strong pullback in the markets and various sectors last week. The August-September window loosely into the 2nd week of September is likely to see consolidation and correction action. Strong sectors remain Buildings/Builders, Finance, Shipping, Energy.
Trading Results:
We went slow this week in the services as I felt a topping period short term was likely. We remain long SOXL 1/2 position in the 3x service along with CWEB (China) and may add to both, but depends on action. The SRP Stock Swing Trade service laid low this past week preferring to be patient for some new entries and opportunities. We only have 4 positions open at this time. Futures service also laid low and are waiting for lower entry point to consider a long position again after several big winners. TPS put out a new position a week or so ago in the Machine Learning/AI area and are looking to add on a dip there. Also considering another featured recent IPO as our next position to look at.
Swing Trade ideas list is now refreshed for the current market environment at the bottom of this report.
Updated Daily SP 500 4424 and 4467 support areas to watch
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List is updated every Sunday, names removed if they broke out to the upside strongly and or broke down. New names added, many names repeated if still in a bullish pattern. A lot of stocks will pull back harshly right before a big breakout reversal, so be advised
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8/6/23 SWING LIST UPDATED: SWING TRADE IDEAS WITH A COMBINATION OF STRONG FUNDAMENTALS AND ATTRACTIVE BEHAVIORAL PATTERN CHARTS COMBINED
NEW FEATURE: CLICK ON SYMBOL TO SEE CHART IMAGE QUICKLY
FUTU – 2 weeks tight closings near recent highs. China based company operates as a holding company that offers an
online brokerage platform. Chinese stocks hit early last week but then bounced up.
IBKR – 5 month cup and handle base pattern not far off highs. Provides global electronic market making and brokerage services in securities, futures/foreign exchange (Interactive Brokers)
DKNG – 4 weeks tight closings near highs. Operates an online sports platform that enables users to play
fantasy games and win cash prizes.
CCL – 6 weeks base pattern testing 10 week EMA line this past week. Operates an online sports platform that enables users to play fantasy games and win cash prizes. (Carnival Cruise Lines)
FLYW – 4 weeks tight base, earnings due 8/8. Operates a software Co delivering global payment enablement to
education, healthcare, travel and B2B sectors.
PDD – Moving up the right side of a base pattern after a strong correction. Chinese provider of third-party mobile e-commerce platform for buyers with merchandise shopping experiences.
INSW – Moving up the right side of base pattern. Provides transportation services of crude oil and petroleum
products with a fleet of 74 vessels.
ONON – 12 week overall base reset pattern and now nearing a breakout possibly. SRP position. Switzerland-based Co operates in 9,232 retail stores worldwide that
offer premium sports shoes and apparel.
ODD – Recent IPO, early Post IPO base pattern. Pulled back big on Friday with earnings due this Wednesday. Strong support out of the gate. Israel-based Co using A.I. to engage consumers in the online retail sale of cosmetics and beauty products.
FROG – 4 weeks tight closings near highs. Provides binary repository management solution for software distribution to software developers.
FIHL – 5 weeks tight POST IPO closings pattern. Current SRP position. Provides specialty insurance & reinsurance products for property, energy, marine, & aviation industry
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