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Good Evening Horsemen Traders!
Last week’s SPY read was right on, with a key level of 375 we saw a retest then a nice bounce right off our key level. SPY ended up hitting past 391 which was our third resistance target on last week’s SPY Key Levels for a really nice swing trade. As the broader market started to make a comeback we also saw individual set ups have a higher likelihood of following through. Stocks continue to look bullish even if only in the short term.
This week I will be looking for a possible uptrend continuation, the higher we go however the better the chances that we may see a pull back and even a retest of some previous levels of support. I recommend locking profits as the broader markets start to hit stronger resistance areas.
On the micro front last week we had several great swing trades off the FHT Weekly Watch-List as well as my live discord alerts. You can see some of our best gainers from last week by clicking HERE.
Sectors to watch this week.
CRYPTO - Bitcoin holding 20k is allowing for a lot of beaten down crypto plays to bounce hard. Keep watching for more volatility for some great day/swing trade set ups.
MONKEYPOX - We are seeing more and more news about increase cases of MonkeyPox around the country. Traders have been bidding up certain plays keeping bullish momentum intact. Some plays to keep on watch include SIGA, CODX, INO, MRNA
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Lets get into this week’s SPY key levels and a few of the tickers we’ll be watching for next week.
SPY 0.00%↑
- Key Level of 385
- If key level can hold support i’m looking for next resistance targets 391, 397-400 then a possible push to 415. 400 is a possible breakout entry.
- If key level cannot hold support my next bounce areas are 381-380 then 375. If 375 breaks look for a bigger move to 370-360 then a new recent low.
Thesis
- Last week’s success is setting up the market for a push higher.
- I’ll be looking to take advantage of any more bullish momentum until its time to start looking for a short trade for a retest of support
- I do think we can see a slow but steady uptrend allowing for a lot of individual set ups on the micro level to have higher success rates. We don’t need SPY to do a V-Shape in order for the market to be healthy enough for individual set ups.
Enjoy the rest of our FHT Weekly Watch-List below…
For more active traders consider joining the FHT Discord where our traders alert chart set ups, news, live swing alerts and much more! Click the link to see all our Discord resources…
MARA 0.00%↑
- Key Level of 7.80
- If key level can hold support my next resistance targets are 8.3-8.5, 9 then 10.
- If key level cannot hold support my bounce areas are 7.5 and 7.2 (20ema on daily)
- Short Side: If 7 breaks support look for a flush to 6.6 then 6.2 for a short. 10-10.5 is next short at resistance.
Thesis:
- Crypto names running off Bitcoin bottom.
- 20k bitcoin is support which is allowing crypto plays to have follow through set ups.
- Saw the entire crypto sector pump last week if 20k holds on bitcoin we can see momentum continue
- With MARA as well as others look for a pull back to test support possible multi-day traders remorse to confirm higher support before uptrend continuation
- Big Volume on Friday and held gains.
- Might get more upside but if stock gaps up significantly I'll look to short it into that higher support.
LXRX 0.00%↑
- Key Level of 2.75
- If key level can hold support my next target is 3 which is also a possible breakout entry. Next target 3.2 then 3.4
- If key level cannot hold support my bounce area is 2.55-2.4 area.
- Short Side: If 2.4 breaks support look for a flush to 2.15-2 area. 3.5 is next short at resistance
Thesis:
- Interesting action with this biotech
- Catalyst: "top-line results around the end of the third quarter of 2022."
- Sold off on on Phase 2 top line results then bounced on CITI upgrade with a Price Target of 20
- Price broke major resistance at the daily 200ema in the 2.8's area
- Looking for a bit of ranged action around 200ema before we see a bigger move. May happen faster then that.
- We have a nice PT recently issued as well as data results which can give us a run up into data.
- Uptrend was initiated by a huge volume wide ranging bar that had over 25 million in volume
VERU 0.00%↑
- Key Level of 13
- If key level can hold support then my next resistance target is 13.5, 14 then 15 which is a possible breakout entry
- If key level cannot hold support my next bounce areas are 12.60 then 12 20ema and 50ema respectively.
- Short Side: If 12 breaks look to short back down to 11-10 area and perhaps gap fill at 9.20's. 15 is next short at resistance if we can't break it.
Thesis:
- VERU biotech has been consolidating with a pretty nice range between 11-15 range.
- Recent News: "Jefferies Analyst Predicts FDA Emergency Use Nod For Veru's New COVID-19 Therapy In One Month"
- "Veru submitted a request for Emergency Use Authorization application to the FDA on Jun 7, 2022."
- I like the current set up for a push higher to 14-15 area.
- A lot of shorts need price to break 12, if that doesn't happen we can see them start to cover sending price higher
- Price hit 12 on Friday and bounced strong all day in what looks like a squeeze for shorts.
- MACD crossing over out of downtrend
- RSI consolidating in the 50's
VRCA 0.00%↑
- Key Level of 3.25
- If key level can hold support then my next resistance targets are 3.72 (50ema) then 4 with a gap fill at 5.2
- If key level cannot hold support then my bounce areas are 3, 2.75 then 2.5.
- Short Side: If 2.5 breaks support looking for a flush back to 2 area. 5.2 gap fill is possible short entry from resistance
Thesis:
- Moving up on Insider buys and recent offering news
- Bulls have taken control with a reversal starting to happen in the bio sector.
- Watching for a push to 5 near the gap fill.
- Should get some nice sell offs to load up on if momentum continues.
- RSI MACD and Vol working together for more upside. I want to see more volume on Monday ideally.
APRN 0.00%↑
- Key Level of 4.5
- If key level can hold support then my next resistance targets are 4.85 (breakout entry), 5 (200ema), then 5.25 then 6 with more upside if momo continues
- If key level cannot hold support my bounce areas are 4.25 then 4
Thesis:
- Strong momentum set up here retesting the 200ema with potential for a strong breakout of 5.
- Inflation/food play
- Short ratio lowering which means shorts are covering
- 20/50ema crossing over
- RSI resetting from over 70.
- Some really nice pumps on this one should get interesting with a retest of 5.
Economic Calendar:
Wednesday:
- CPI Consumer Price Index
Thursday:
- PPI Producer Price Index
Friday:
- Retail Sales
- Industrial Production
- Preliminary July update to University of Michigan's Consumer Sentiment Index (MSCI)
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