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- Weekly Focus List for 11/13 - 11/17
Weekly Focus List for 11/13 - 11/17
Every week we go over the top setups for the week while also covering the upcoming key economic data points coming out. Do we continue higher for the 3rd week in a row?
Trade with Dan
November 12, 2023
Economic Calendar
Huge week ahead filled with data. The main focal points will be PPI and CPI, retail sales, jobless claims, and the multiple Fed speakers throughout the week. Make sure to have this calendar in front of you during the trading week.
Main Focus List
$TSM:
Last week, TSM was able to get the breakout over the key 95-96 range and broke out into the 98 resistance. If TSM can clear 98 this week then it should be set up for a backtest of the key 100 level. If it tests 100 this would be the area to book majority of profits and potentially roll-up over 100 if the momentum continues. Watching the 100c over 98.
$META:
Last week, META was able to get the close over the key 326.20 level and closed at 328.77. The main level for me this week will be 326.20. If META can see the dips get bought above 326.20 then it should be set up for a new 52 week high. If META doesn't test 326.20 this week but it gets through 330 then we should be able to see a continuation play to 335+. Calls can work through 330 or off of 326.20. Under 326.20 can trigger a move back into the 323-325 range.
$GS:
GS printed an inside week and an inside day on Friday. For GS, a hold over 325 is key and if we see GS hold over 325 then break over 327 it should be set up for a push into 330+. Over 330 can trigger a larger breakout into 336. Under 320 GS can see a pullback into the 315.50-315 range. This is a strong setup with the multi day consolidation. Ideally we want to see market support or a catalyst to support the daily consolidation breakout over 327.
$SPY & $QQQ Analysis
Last week, SPY and QQQ were able to get the continuation breakout over the KEY levels of 437.20 373.80. SPY was able to get the breakout over 440 on Friday and QQQ saw the breakout into 378. These levels will now be key for the bulls to hold. If QQQ doesn't hold 378 and SPY doesn't hold 440 then it's likely we see a pullback to backtest 373.80 on QQQ and 437.20 on SPY. As long as we hold these levels on the backtest, calls will still be in play. We have CPI and PPI data out this week so this wll 100% play a part in the price action this week. We want to be patient tomorrow and see how price reacts to being above these levels. No reason to be focused on the short side of things YET.
