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- Weekly Focus List 11/6 - 11/10📝
Weekly Focus List 11/6 - 11/10📝
Every week we cover the top setups for the week ahead and go over the main key economic points to pay attention to. Do the bulls hold enough strength to continue higher this week?
Trade with Dan
November 05, 2023
Important economic data
Main focal points will be Powell on Wednesday/Thursday as well as jobless claim numbers on Thursday.
Overall market analysis
Last week, SPY and QQQ failed off of the pullback from the previous week and saw a 6%+ move on SPY and a 7% move on QQQ. Both SPY and QQQ are approaching major resistance level following a 7 day green streak. The best case scenario this week will be a pullback on SPY into the 432-430 range on SPY where we hold a higher low and set up for more upside. If we don’t see any backtest of this range on SPY then we want to see a few days of consolidation to set us up for another breakout. The key level for SPY to get through will be the 437.20 resistance. If SPY can find enough buyer support at this level then the 440 level can come shortly after. QQQ will need to get through 368-370 which can trigger a move back into the 373-375 range. We have Powell speaking this week on Wednesday and Thursday so during this time we can see intraday volatility. Being patient will be the name of the game again for me this week.
Main Focus List
$META
Last week, META was able to hold the key 300 support but failed in the 315-320 range. For this week, META will need to clear 320 to set up for a push into 325 and over 325 can trigger a larger breakout. under 312 META can pullback again into the 307 support range. META is setting up for a larger breakout as long as it can hold the key 312 support.
$TSLA
Last week, TSLA tested the 227 range but failed at this range on Friday and closed at 219.96. TSLA will need to hold 220 this week or else we can see a backtest of the 213/212.80 range again. If t holds 212.80 this would be a place Id consider going long. Over 222 is another level to watch for a breakout
$DKNG
Last week, DKNG reported earnings and was able to breakout into the higher high from back into july which is 34.50. If DKNG can get through 34.50 and make a higher high on the daily should set up for another 1-2 points. DKNG can be a trickier name as its fairly volatile but the close on the daily with the high volume pairing makes this a strong name for a day two continuation move following earnings
