Sunday Prep 9/26 - $PXD Busted Above that Nice Flag on the DailyAnother from the energy sector is Pioneer Natural. Decent volume and good range. We had a nice breakout, nice flag that busted above. We retested levels and reclaimed and kept going. I want to see this retrace back to the quarterly pivot (159.75) on a weak open and watch to see if buyers show up.
Sundayprep_9-26-2021
Sunday Prep 9/26 - $XLE What a frickin’ week for Energy! It may need to cool off after having quite the run, but I think pullbacks now are buying opportunities. If the $XLE were to pull back to the 48-49 area, I would be looking for strong energy stocks that were looking ready to get a leg higher.
Sunday Prep 9/26 - $NQ / $QQQ Same Thoughts As $SPYEven though you will see me using trendlines in my charts, I always like to have a disclaimer that for me, trendlines are merely rough guides. I’m not delusional enough to completely ignore all the prior trendlines that could have been drawn that all would have been broken a dozen times over, only to be replaced by a new trendline when it made it convenient for whatever narrative you were trying to see. That being said, we have definitely pulled back to a pretty interesting area in relation to the trendline we have now created.
What’s more important to me is that after the pullback to these levels, we got a nice little reversal setup with the higher lows on the daily chart (highlighted by the yellow circles) that were then able to push back over 15163.25. To me, that makes last week’s lows pretty significant.
Same thoughts go for the Nasdaq as went for the S&P. If we can reclaim last week’s highs, do we then push back to ATHs? Or do we start to roll back over and possibly begin creating a higher timeframe lower high on the weekly chart?
Bulls will want to defend the 50d/quarterly pivot area. If they can’t hold there, the next spot I would watch for them to show up at would be the 15k round psychological level which is also the monthly pivot/annual pivot area.
Bears will be looking to defend the 20d. Above that, I would definitely expect to see them do battle up around that 15550 area which is where the recent correction began from.
Sunday Prep 9/26 - $SPY/$ES We Finally Did It!So we finally did it! For the first time in over a year, we broke the lows of the previous month. Always keep in mind that that alone is not enough to cause concern. Remember, it isn’t the pullback itself that matters. It’s what happens afterwards. I’m fully focused on the weekly chart. The first challenge for this coming week is to see if we can break back above last week’s highs. If we are able to do that, can we get back to ATHs? Or do we begin to roll back over and have the possibility for putting in a lower high on the weekly chart? If attempts at retaking highs start to fail, then we may have some cause for concern. But let’s at least give the author(price) time to tell us before we start to get all bearish. Bulls would want to see pullbacks towards the 4400 area hold as support. I do still like that 4364 area as well. As far as levels of resistance, the 20d/monthly pivot will be the first area I’d expect the bears to heavily defend. Above that is the quarterly pivot at 4512.25 which is also the area where the recent correction began from.
Sunday Prep 9/26 - $QS QuantumScape. I want a shot at buying this around the 24.00 to 24.70 area on a retest. If I get involved in this and it starts working I may have both a day trade AND a swing trade. That 24.50 area is both a monthly pivot as well as a retest of the breakout area.
Sunday Prep 9/26 - $DASH Think It has More to Go!DoorDash. May not get this on Monday but I want to get this around the 20d SMA as much as possible. If the 20d creeps up too much I’ll want to see this against last week’s lows (212.80 area). This name has been on a tear lately and I think it has more to go so I want to make sure I’ve got my eyes on DoorDash.
Sunday Prep 9/26 - $COST Earnings Sent this Back Towards ATHs!Earnings on Friday sent this big guy ripping back towards ATHs. 50% retrace of Friday’s candle puts us right into that quarterly pivot area. I would be interested in buying some early weakness in the name around that spot. This is the kind of chart where if the trade works and we close the day somewhere close to highs, I would be very inclined to swing a portion of it.
Sunday Prep 9/26 - $PLTR I Do Not Want To Miss This!Palantir Technologies is another name from last week. It broke out beautifully and the chart is in tact. The pull-back was deeper than anticipated (but that came with the market imo) but it’s still strong and I want dips to buy. I’ll be looking for dips to buy.. like the 20d SMA but not sure I’ll get it. I may just start buying on dips risking against previous lows. Make sure to join TrueTrader so you can keep tabs on how I trade this in real time in the chatroom. I do not want to miss this.
Sunday Prep 9/26 - $ABNB Looking for a Pullback to 20D SMAAirbnb probably wont be a Monday trade. This feels more like a Tues, Wed, maybe even Thurs trade. I want to see this find near-tern resistance right here before looking for a pull back. I want to be buying this as close to the 20d SMA as possible on a pull-back.
Sunday Prep 9/26 - $BTC Did Exactly What We Pointed Out!Last week in the Sunday Prep we pointed out that a break above 47400 that didn’t get back to the 53k area but instead rolled back over and then lost 42830 then to “look out below.” Well, that’s exactly what happened and the break of that level saw over 3k points more of downside. Bulls have some work to do here because at the moment you have all 3 major moving averages hovering menacingly overhead. That 45k area looks to be highly probable resistance. Below, I would expect support to be strong down at last week’s lows.
