15 Oct 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 October 16th 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: Wave 2 pullback underway after strong advance off lows
In last weeks report I charted out the ABC 38% retracement correction in the Nasdaq 100 and the 50% correction in the SP 500. This past week we had a nice rally off the correction lows of a week ago with a near 200 point gain in the SP 500 off the lows and the Nasdaq 100 also rallying from 351 to 373 at the highs. Late in the week what appears to be a Wave 2 correction unfolded as I projected late in the week in this service. Earnings season starts up very strong this week and we will see how the market reacts.
Still a rough and tumble tape of late:
NYSE (n) – 26 New Highs, 136 Lows
NASDAQ – 27 New Highs, 197 Lows
AMEX (a) – 0 New Highs, 13 Lows
NYSE Index also showed 50% retrace of Oct 22 low to July 2023 highs
% of NASDAQ stocks Above 50 day MA line indicator matching Oct and March recent lows
In summary, washout lows likely were established in October
Trading Results: See full SRP Stock Swing Trade results click below
Our patience paid off during the correction as we ended up with multiple winners in the past week or so. We sold aggressively into the rally mid week on EDU, FUTU, ACMR , and NTNX.
We ended the week with 1.5 positions remaining on purpose as the rally was overheated. The 3x ETF service took gains of 8.8% on SOXL mid week before that pulled back late in the week and we remain long TQQQ and a smaller position in TNA. Futures service went long but got stopped out late in the week for a small 20 point loss as our stop at 4350 on futures and the low was 4340 on Friday. Going to continue to be a challenging environment near term but opportunities are abound as usual.
Swing Trade ideas list is updated at the bottom of this report reflecting current market conditions and relative leaders based on my review of fundamentals and chart patterns both.
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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. This list tends to reflect the stronger sectors of the market at various times and cycles.
SWING TRADING 101– Click to review my 10 plus keys to profitable and consistent swing trading I’ve used since 2009
10/15/23 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
ACMR – Profits taken in the mid 20’s for nearly 25% on the final 1/2 at SRP this past week but with the pullback may provide another nice entry.. PE 13 Manufactures and sells single-wafer wet cleaning equipment and products for the semiconductor industries
RELY – 8 week flat base near highs and held up on Friday. SRP position. Looks ready to break to the upside. Provides digital financial services for immigrants through Cross-border remittance and banking services
CWAN – 5th week on list, 6 week base briefly at highs last week. Provides SaaS solutions for investment data aggregation, accounting, analytics, and reporting services.
DLO – Do or die time, 8 week base. An open SRP Position. Uruguay based Co provides cloud-based payment platform to global enterprise merchants in 40 countries. Held up well in the correction.
FUTU – 7 week overall consolidation. SRP went long last Monday and 2 days later closed for big gains, then it pulled back hard late in the week. Still like this one. China based company operates as a holding company that offers an online brokerage platform
ZS – Looks to be breaking out of a 16 week base near highs last week. Operates a massive, global cloud security architecture, delivering the entire gateway security stack.
ACGL – 13 week base looks poised to break out. PE 14 strong growth rate. Bermuda-based co that offers insurance, mortgage and reinsurance insurance mainly in U.S., Europe and Canada.
MMYT – 6 week base near highs. India-based provider of online travel services primarily for individual
travelers via www.makemytrip.com
PDD – 7 week overall strong trend consolidation near highs. On the list often, broke out off the list 2 weeks ago and we took it off but still attractive here. Some concerns over TEMU China app being used for US consumer data, but so does everyone in my opinion. Sales are strong. Chinese provider of third-party mobile e-commerce platform for buyers with merchandise shopping experiences
LPG – 11 week base near highs. A global shipper of liquified petroleum gas with Very Large Gas Carriers.
YY – 5 week ascending base, 2nd week on list, broke out last week then pulled back a bit Friday. PE 13. Chinese provide online voice and video communications services, social networking services and online games. 2nd week on list.
TIGR – 7 weeks tight base pattern for this Chinese online brokerage. Broke out to 5.70 last week but closed at 5.08 but weekly still attractive here, 4.86 key to hold.
EDU – 11 week base near highs. SRP Position last week but we took profits on the spike last week, but the pullback since is attractive still . Chinese provider of language training & test prep courses to 3.7 mil students via 107 schools/637 centers
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