The Weekly Selection: 11/19/2023
Volume 064
Hello Investors,
Welcome back to another edition of: The Weekly selection, where I go through our current position in the market, my thoughts, helpful tips as well as some charts and ideas I am looking at for the week ahead.
This weekend I am tuning in from downstate, so my performance tracker will not be apart of this edition. Without further adieu, let’s get into it.
Starting with SPY 0.00%↑, on the weekly chart we can really see the scale of the run that has been made in the last month. Since late november, SPY has moved the most since last june. This show of strength has found itself positioned right underneath a long term resistance, and I’ll be curious to see how this plays out. Personally, I think this warrants a pause into the winter, rather than a pullback.
A little less to be desired out of $QQQ. A monster run to 52wk highs, possibly warranting some pullback in tech as this earning season slows.
No real chart here, but TLT 0.00%↑ Bonds are down 50% from highs, leaving room for a bounce in my opinion. For those unfamiliar, generally a pullback in equities is coupled with a rise in bond prices.
Tip of the week
No tip this week, as I couldn’t think of anything quick witted and relevant to the current market. If you’re interested in some educational material, I have a plethora of articles on my page.
Charts
META 0.00%↑ up first. Strong base, now breaking upwards. What I like here vs other mega cap tech stocks is the length and heath of the base. Obviously META is up considerably this year, but this base is tradeable.
IOT 0.00%↑ was on my watchlist last week, but I was unable to capitalize. This weekly outlined above is exceptional, especially considering the health of the company.
SMCI 0.00%↑ is another favorite of mine, making a textbook flag. A breakout could result in a gap fill back to all time highs.
Bit of a broken chart here, but LMND 0.00%↑ has quite a powerful setup here. Highest volume since 2021, flag-ish pattern and strong earnings to go with it. I’m a fan and will watch for an entry.
That’s all for this week!
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Good luck!