04 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 5th 2024
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General Market Summary plus Swing Trade Ideas List:
Updated David Banister Market and Elliott Wave Views on SP 500 and more plus the weekly swing trade ideas list is at bottom of this report
Markets, Charts and more:
Notes from June 9th report 2024:
Intermediately my outlook remains the same for upside to 5700-5800. Often the market can hold up in June and July but frequently August-October is volatile at best and this year we have the early November Presidential Election to add in to volatility perhaps.- 6/9/24 Report
In the past many months my forecasts have worked out as I was looking for 5700 area on SP 500 and we hit 5721 highs on ES and around 5670 highs on SPX in July. The notes from the June 9th report above also ringing true as we peaked in July and are struggling in early August. The seasonality of the summer markets are part of it, and again we also had a huge rally and that has to be worked off. Markets really have sentiment corrections which are reflected in price action.
Recently I noted on July 17th we may see 5300 on the SP 500 and 442 on the QQQ ETF in a correction. We basically hit both this past week and bounced a little on Friday.
Ahead 5300 is key to hold as is 442 on QQQ ETF so watch both of those. A material breach of those numbers is concerning but again we are now in the August-October volatile window, markets tend to bottom in October frequently. We saw bottoms in October 2022 and October 2023 recently.
Below was my May 17th forecast for SP 500 (5625-5800, we hit 5670)… so no reason to panic as those figures projected were Wave 3 high projections. Wave 3 is when everyone is bullish… and wave 4 works that off…
May 17th- Long Term Banister Wave Count is bullish. Intermediately we can stretch my 5625-5800 ranges
Updated SP 500- 5302 was low on Friday, needs to hold for a possible Wave 4 of III low
QQQ ETF- 442 key for possible 4th wave low
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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
8.4.24 Updated List, names added, deleted etc.
ZETA – 3 week ascending base, solid uptrend. Operates cloud platform that provides enterprises with consumer
intelligence & marketing automation software. 21.15 key support
ITCI – 4 week overall base near highs. Develops small molecule drugs to treat neuropsychiatric and
neurological disorders
AGI – 4 week base near highs. Canadian company engaged in the exploration and development of
gold properties primarily in Mexico/Turkey.
TRN – pullback from highs but ascending base. Engages in manufacturing, operation and leasing of railcars and
logistics services, and steel compo
EGO -4 week base near highs. Canadian company acquiring, exploring/producing gold properties in
Turkey, China, Brazil, Romania/Greece.
PPC – Ascending base near highs, pullback last week. Produces prepared and fresh chicken in the U.S., Mexico and Puerto Rico for the foodservice industry.
HG – 8 day consolidation could push to highs. Bermuda-based insurance company offers diverse insurance and reinsurance services to clients worldwide.
ONON – 10 week corrective base, could push higher on earnings to highs. Switzerland-based Co operates in 10,000 retail stores worldwide that offer premium sports shoes and apparel.
TGTX – pulling back, 18.50 area key to hold However, has opportunity to breakout again here and push much higher in my opinion. Develops and commercialization of novel treatments for B-cell diseases.
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