Send me real-time posts from this site at my email

Today's Trackdown for Friday - Oct 15, 2021

SPY Charts and some Technical Analysis

Today's Economic Calendar - The Charts - Opinion - Stock Picks.


Today's Economic Calendar:

8:30 AM ET, Retail sales for September will be released. The consensus is for a 0.2% decrease in retail sales.

8:30 AM, The New York Fed Empire State manufacturing survey for October. The consensus is for a reading of 27.0, down from 34.3.

10:00 AM, University of Michigan's Consumer sentiment index (Preliminary for October).


THE CHARTS:

(NOTE: Charts are a guide, do other research as well.)

BRIEFING/OPINIONS:

The markets had a huge rally day on Thursday. Technically a lot of previous damage was undone. Big news, the S&P has broken back above the 50-day moving average and the 20-day as well.

On our chart indicators, we had no changes. But, we do see improvements in both the MACD and the Money Flow.

We were expecting a sideways range bound market to develop, with SPY 430 to 440 as the possible trading range. We broke above the 440 line, so the range lines may get adjusted.

SPY 425 has been our strong support level and we expect this to hold. This level could also be considered a stop area for some traders if it does not hold.


* If you have any questions, opinions, or comments to add please do so! *


IF wanting to gamble: Options trades on these ETFs will give you a way to place your bets. $TQQQ - $SQQQ - $SPXL - $SPXS.

* Beware - levered ETFs are subject to decay and are not for long-term holding. *


CHANGES:

  • Broke back above the 50-day moving average and the 20-day.

POSITIVES:

  • We are above the 50-day moving average.
  • We are above the 200-day moving average, which is rising.

NEGATIVES:

  • MACD and the Money Flow still a bit negative.
  • Thinking about the Fundamentals, Valuations, Virus news, the Economy, Jobs, Politics, The FED, etc.?
  • Some things out there to worry about still! Or a wall of worry to climb as the saying goes.


OUTLOOK:

  • We could see a sideways range bound type of market for a while or a resumption of an uptrend.
  • Risk of drops or pullbacks exist. Increased periods of volatility are a possibility as the markets try to figure things out.

  • Longer-term questions to ask: When will the Fed's easy money and the stimulus sugar run out?
  • Will higher inflation cause the Fed to raise rates? Covid still hurting the economy?

  • We still say "Use Caution" for a reason. Do not over risk yourself or over leverage yourself.
  • We are still susceptible to large drops or dips.
  • Look for trading opportunities that could result and have your trading lists ready.

* Be careful if using MARGIN, be certain of your trades! *

INDICATORS:

The MACD is negative. The Stochastics are neutral. The Money Flow is negative.

MA +/- (slope): The 50-day MA (441.64)(-0.09) and the 200-day MA (413.10)(+0.34)

The 8-month chart (below).

We are above the 425 strong support level, but our previous support lines were broken.

Next step is to see if a new trend emerges or what type of trading range develops in the near term.


STOCK PICKS: (For trades and/or investments.)

  • Current trading favorites: AUPH - Aurinia Pharma (Doing very well lately!), CARA - Cara Therapeutics, EPZM - Epizyme, EXEL - Exelixis (A bargain here), HZNP - Horizon Therapeutics (A big winner for us last year), IOVA - Iovance, KPTI - Karyopharm (Accumulate under $10), SGMO - Sangamo, TGTX - TG Therapeutics (Our Top Pick!), TRIL - Trillium Therapeutics (Got bought out by Pfizer for a huge gain!).
  • Tech Picks: CRWD - CrowdStrike (Be aware it has a high valuation), DT Dynatrace (Good longer-term hold).
  • Also watching: IMGN, VKTX.

** TGTX is a great buy at current levels. Longer-term this will be higher. Accumulate as much as possible. Their pipeline MS drug looks like it will be best in class. **

* Feel free to share your list/picks in the comments below.


Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.


If you liked this article, please click the LIKE (thumbs up) button.

Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so)!

Follow us/bookmark us and check back occasionally for additional articles or comments on our page...

Wild Tiger Trading - start/main page.

With our Daily Trackdowns, check back for additional analysis/observations during the trading day in the comments by us or our readers.

.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue