09 Jun 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 June 10th 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:
The last weekend report was published on May 19th and I discussed the Bull market continuing but that short term we were extended. The intermediate outlook was upgraded to 5700-5800 with a chart and since then the SP 500 has traded from 5191 to 5375 ranges. We had a 4th wave correction from my counts during the recent strong pullback. We are at 5346 now on the SP 500 Index, up 43 points in the last 3 weeks total. This is what happens after an extended wave 3 rally, you get a deeper wave 4 (5191 lows was a Fibonacci pivot area of waves 1-3) and then a rally and a pause.
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.
The SRP stock swing trade service continues to push out winners with our swing trades seeing a big pop this past week in Sweet Green (SG) for 15% gains taken near the highs of the move to 35.xx, and we also closed out HALO as it popped from 44 to 52 area on strong earnings guidance. We held that stock for over 3 weeks but it finally paid off from our 43.50 average and we took the gains. We continue as always to find opportunities as they come to us using my behavioral pattern and fundamental analysis combined approach.
3x ETF service has been treading some water as the indices are stuck in a 3 week range, but we see opportunities perhaps in some oversold areas like Energy, Gold, China etc setting up.
Futures service has continued to push out great daily guidance and we were had a 35 point win last week and are up on our current position going into Monday as well
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TippingPointStocks.com recently wrote up a Energy Producer/Bitcoin Miner play at a $4.90 average entry. The stock now trades at $8 area just two weeks later for a 60% gain. We sold 1/2 up 40% and are hold 1/2. A more aggressive but patient service that looks for 50-100% gains and takes profits on the way up and sets stops for remainder to ride.
The weekly Swing Trade Ideas list always produces winners, that is updated at the bottom of this report with some new names added this week.
Updated QQQ Chart (Wave 5 continues?)
The first one I did on May 31st pointing to 472 possible May 31st below :
Updated June 7th QQQ Chart
Repeated for Reference:
May 17th- Long Term Banister Wave Count is bullish. Intermediately we can stretch my 5625-5800 ranges
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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
6/9/24 Updated Names/Notes Etc.
Updated list and updated notes on older names as well- HALO ripped higher off list and was also an SRP position last week, TWST up 30% at one point last week, and BROS and a few others ripped higher off this list last week,
HIMS – 3 weeks ascending base at highs. I first wrote this up at $8 area for TPS now $19-20. That said, strong growth could continue to rise. May 19.30-19.75 pullback range better to consider, a bit overbought near term.
HG – 5 week ascending post IPO base near or at highs. Was on this list a while back Post IPO but sat and did nothing for a long time, looks strong now. Bermuda-based insurance company offers diverse insurance and
reinsurance services to clients worldwide.
CRDO – On the list 6/3/24, moved up a bit last week. Strong earnings on 5/29 breaks this stock out of ranges. May consolidate a bit. Provides Serializer-Deserializer technology, high-speed connectivity solutions to break bandwidth barriers.
BROS – On the list 6/3/24, it then ripped last week and pulled back a bit. Would prefer 36.50-37 entry on pullback. As I said last week, this 4 week consolidation could break to highs and it tested them last week. Operates 831 drive-through coffee shops in 16 states in the United states.
SMFG – 2nd week on list. Moved up last week then pulled back some. Japanese Co provides commercial banking, leasing, securities, consumer finance, and other services in Japan
BZ – 12 week overall base, broke out two weeks ago and pulling back . Chinese-based provider of mobile app BOSS Zhipin, to connect job seekers and enterprises efficiently. Ann. EPS Growth +67% PE 28 Avg.
PDD – Needs to hold $140 area, pullback recently after breaking out to highs after multi month consolidation. TEMU parent growing rapidly competing with Amazon etc, PE Ratio on forward earnings only about 12x.
SG – 5 week base, SRP took profits last week, it ripped and we sold but then a strong pullback Friday. Broke out few weeks ago on strong earnings for this greens salad high tech restaurant chain.
HOOD – Up 6% last week on a closing basis, 4th week on list, Ascending base (Robinhood). Provides a stock brokerage platform that offers commission-free trading intended to democratize finance.
CLS – Pulled back last week, 48-50 could be good entry ranges. Canadian contract manufacturer of electronic products for healthcare, industrial, aerospace/defense. May need to pull back some near term.
RXST – 4th week on list, correcting a rally would like to see 55-56 hold. Develops and markets adjustable intraocular lens optimized for every unique eye after a cataract surgery.
NU – 1/2 Remainder SRP position. 6 weeks tight closings pattern. strong earnings a few weeks ago pushed this up and now normal pullback. Brazil-based Co operating as a holding Co that provides a digital banking platform and services.
MNSO – 4 week correction needs to hold 21 area. China stocks pulling back after a run. China based Co operates 5,800 stores located in 90 countries and regions under the brand name MINISO.
PINS – SRP position finally broke upwards 6% gain last week to highs. As I had said here a few weeks ago it may consolidate some then move higher which it did. Provides a visual discovery platform that helps users to discover ideas for various projects and interests
PAAS – Needs to hold 19, strong pullback with Gold/Silver correction last week. Canadian company engaged in the exploration, and development of silver and other minerals in Mexico.
TCOM – At or near highs, may consolidate some. Chinese consolidator of hotel accommodations/airline tickets
targeting individual business . Needs to hold 50
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