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Today's Trackdown for Wednesday - Dec 1, 2021

SPY Charts and some Technical Analysis

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


Today's Economic Calendar:

7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

8:15 AM, The ADP Employment Report for November. This report is for private payrolls only (no government). The consensus is for 525,000 jobs added, down from 571,000 in October.

10:00 AM, ISM Manufacturing Index for November. The consensus is for 61.0%, up from 60.8%.

10:00 AM, Construction Spending for October. The consensus is for 0.4% increase in spending.

2:00 PM, the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.


THE CHARTS:

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

BRIEFING/OPINIONS:

The markets had an awful down day on Tuesday. Fed Chair Powell's comments seem to be the blame. We may get a bounce back again tomorrow. Currently the market is being moved by news events.

We are now marking a wide trading range of SPY 250-270.

CHANGES:

The Money Flow turned negative with Tuesday's sell off.

NOTES:

We were expecting a sideways range bound market to develop, OR a resumption of the previous uptrend. The uptrend was back in, until the latest sell-offs. Currently a wide trading range is in place.

Risks: Negative budget or inflation headlines, political uncertainty, and/or Covid fears.

SPY 430 is our strong support level. This level could also be considered a stop area for some traders. SPY 450 is also a support level.


* 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. *

    POSITIVES:

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

    NEGATIVES:

    • Dropped below the 20-day moving average.
    • Think about the Fundamentals, Valuations, Virus news, the Economy, Jobs, Politics, The FED, etc.?
    • Inflation fears?
    • Some things out there to worry about still! Or a wall of worry to climb as the saying goes.


    OUTLOOK:

    • Bull market is still going, but risks and fears have dropped us into a trading range.
    • 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?
    • Supply chain issues?

    • We still say "Use Caution". 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 positive, declining. The Stochastics are neutral. The Money Flow is negative.

    MA +/- (slope): The 50-day MA (452.37)(+0.43) and the 200-day MA (426.94)(+0.34)

    The 8-month chart (below).

    We are above the 430 strong support level and 450 support level.

    Following the blue line?


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

    • Current trading favorites: AUPH - Aurinia Pharma (BMY is rumored to be buying them out!), CARA - Cara Therapeutics, EPZM - Epizyme, EXEL - Exelixis (A bargain here), HZNP - Horizon Therapeutics (A big winner for us last year), IOVA - Iovance (Accumulate on weakness), KPTI - Karyopharm (Accumulate under $10), SGMO - Sangamo (Promising data here, accumulate.), TGTX - TG Therapeutics (Our Top Pick!).
    • 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, recent selling is way over done! 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.


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