Homeswing tradingOverall market update and trade ideas for week starting on 10/9/23-

Overall market update and trade ideas for week starting on 10/9/23-

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*long post incoming* So far, the markets are holding relatively well here as the dust settles from the extremely unfortunate events over the weekend in Israel. It is also important to remember we had a big move up on Friday right to some crucial resistance zones on $SPY, $QQQ, and $IWM which were outlined last week. Anytime you have a move up, the default assumption is a retest of those breakout points.

$SPY . Β Β Huge falling wedge breakout on Friday with a move right up to the previous horizontal zone/September 14th pivot VWAP which acted as short-term resistance. Β Β Going into next week, the hammer candle looks very strong on the weekly candle with the Williams % range bouncing out of oversold territory. Β Β If we get a continuation up into next week with a daily close above the top of the horizontal zone at $433, the gap above at $438.43 is in play.

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$AMD A breakout through the top of the horizontal zone at $105 today with a strong close and weekly close slightly above the diagonal resistance zone. Going into next week, the May 4th pivot VWAP continues to be the main level to get above as this was hard resistance multiple times in August and early September. This VWAP is currently at $110.05 into Monday.

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$META Weekend update. A huge move up today with price hitting the upside target and some. On the weekly candle chart, you can see the volume shelf acted as a β€œlaunchpad” for price this week. Going into next week, the main upside level to watch above as a target and potential resistance is the previous highs from $323.70-$326.20.

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$NVDA Weekend update. A strong move up this week after bouncing off the VWAP anchored from the April reversal last week. With the daily close above the previous S/R flip zone at $450.25, the gap above that fills at $466.06 is now in play into the week ahead.

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$AAPL Weekend update. A close above the September 5th pivot with a strong move up off the January ’23 reversal VWAP zone this week. Going into next week, the gap above is the next target/potential resistance zone above which fills at $181.47 with the bottom of the VWAP zone at $176.09.

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$XOP Weekend update. A nice bounce off the horizontal level today with a perfect move up and slight rejection at the June 23rd pivot VWAP zone from $140-$141.50. On the weekly candle chart, the MACD is curling down with an ugly candle going into next week. If this continues to move down, the $127.75-$130.55 level below is the main area to watch as potential support.

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$XLI Chart update. A strong move up today with a massive bullish engulfing/outside bar forming on the daily candle. The MACD continues to curl to the upside here as well. Going into next week, there is a strong hammer candle on the weekly chart right at the September ’22 reversal VWAP zone. Notice the uptick in the Williams % Range as well with the red weekly close which is a type of positive divergence. A daily break and close above the top of the zone at $101.25 would trigger the target of the September 1st pivot VWAP above currently at $103.11.

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$IWM Weekend update. After two days of a bottom forming, price finally moved up today after hitting a new low right after the open. The lower indicators continue to show a potential bottom forming here as the MACD curls up. The weekly candle chart also shows the Williams % Range bouncing with a red weekly close which is a type of positive divergence and a sign of a potential upside reversal. Going into next week, the main upside level to watch is the previous pivot which acted as support which would now flip to potential resistance from $174.30 to $174.70.

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$QQQ Weekend update. A strong move up today to fill the gap at $364.54 and tag the VWAP anchored from the September 1st pivot. A perfect close at the confluence of these two levels. The MACD also crossed to the upside today, signaling a potentially larger upside move into mid October. Going into next week, I would like to see a daily candle close above the 9/1 pivot VWAP to trigger the next upside target of $369.15-$370.75. The weekly candle also looking strong as well.

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$NFLX Trade idea update. Another to put very high on the watchlist into next week. Beautiful upside move since the morning post! Congrats to those that were able to take advantage of this one! The weekly candle is setting up very strong into next week as the Williams % range is oversold with a spinning top candle forming into close at the S/R flip zone.

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