13 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 14th 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: Consolidation continues, close to lower end pivot targets for a counter-rally
NYSE (n) – 37 New Highs, 32 Lows
NASDAQ – 44 New Highs, 77 Lows
AMEX (a) – 3 New Highs, 10 Lows
Normal correction so far for SP 500, NASDAQ 100 etc. I continue to look for 4424 area as normal for A wave of a possible ABC Correction in SP 500, and 363-364 area for QQQ ETF. This would be the zones where a counter-rally of some type is likely. QQQ hit 364.69 lows this past week so pretty close and SP 500 hit 4444 about 20 points off my targets, so certainly we could rally here soon. Normally a corrective 4th wave will have either an ABC type pattern and or ABCDE…. once we confirm a completed correction 4th wave (Likely during August-September) then we can look for a possible rally to 4800 on SP 500 which has been my target for awhile in a 5th and final wave up from October 2022 lows.
The August-September window loosely into the 2nd week of September is likely to see consolidation and correction action.
Trading Results:
Only alerted one new stock swing trade play in last two weeks, and that was on Thursday this past week. The stock soared 9% on Friday one day after the alert, so far so good there. In the meantime we have taken a few losses with the market downdraft but also some 1/2 position profits and kept positions to just 3-4 or so for now on purpose. When we are in a confirmed downtrend I try to slow down and have less positions and swing trades. The Futures service had a tiny loss this past week going long with a tight stop but we are also waiting for 4440-4460 for a rally point and we did hit the 4460 zone on Friday. 3x ETF doubled up on CWEB (China Internet 3x Bull) in the low 40′ area but still correcting although I think its close to a B wave rally as well. We also picked up a new starter position in LABU (3x Bull Biotech).
Swing Trade ideas list is now refreshed for the current market environment at the bottom of this report.
Updated Daily SP 500 A wave winding down? B wave possible soon
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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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8/13/23 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
ONON – 13 week overall base reset pattern and now nearing a breakout possibly. SRP 1/2 remainder position as we took some 6% profits this past week before the pullback. Switzerland-based Co operates in 9,232 retail stores worldwide that offer premium sports shoes and apparel.
ODD – Recent IPO, 3-4 week post IPO base pattern. Strong earnings Wednesday followed by rally then a pullback Friday, but basing nicely. Strong support out of the gate from $35 IPO price. Israel-based Co using A.I. to engage consumers in the online retail sale of cosmetics and beauty products.
FIHL – 6 weeks tight POST IPO closings pattern. Current SRP position. Provides specialty insurance & reinsurance products for property, energy, marine, & aviation industry
IBKR – Moved up last week off this list in weak market, 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)
LI – Back on list, strong earnings from Chinese Automaker, was overbought so correcting and may offer another new entry in the 39-40 area IMO. China-based company that designs, manufactures and sells premium smart electric SUVs.
RELY – Breaking out of 3 month base pattern to highs. Provides digital financial services for immigrants through
Cross-border remittance and banking services. May need a pullback though first.
FRSH – strong 2 week breakout of base after earnings. May need a little pullback first though. Develops SaaS customer engagement platform to assist enterprises by improving business engagement.
FRO – 2 weeks tight closing pattern as it moves up the right side of a cup base, could push higher after pause. Provides tanker transportation services of oil and oil products through a fleet of 70 vessels.
FUTU – Pulled back hard last week but nearing 10 week EMA line ahead of Aug 29th earnings. China based company operates as a holding company that offers an online brokerage platform. Chinese stocks hit over past week or so.
BKR – 4 weeks tight closings near highs. Provides wellbore products and technology services and systems to the
global oil and natural gas industry.
PDD – Moving up the right side of a base pattern during a correction and now a nice pullback (TEMU operator). Chinese provider of third-party mobile e-commerce platform for buyers with merchandise shopping experiences.
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