Hey everyone, welcome back to another Sunday Scan. We have a lot of good things to cover for the week, so let’s get right into it.
T4AC winners have been selected! Thanks to all who applied via email and comments. Every single message and comment was read and the stories and journeys were touching and much appreciated. It was a hard decision, but we found two exceptional traders that we have confirmed with, and we look forward to seeing them at T4AC.
We’ll run through some charts, and then later on, Stan will join do discuss our main watches for the week ahead. We just did a really great episode of Trading Takes with Tim Grittani that everyone should watch and take notes on. Tim is a wealth of information, and we know that everyone will get something from it.
Video Scan and Game Plan
Charts in Play From the Week
NVDA big bounce from the sell off. Good to keep in mind that an extension from a bounce is not the same as an over extension without a flush prior to it.
SMCI bounced off the top of the long consolidation channel from a year ago.
NVAX using exhaustion into a prior level and then waiting for failed followthrough and using key levels on the way down.
DJT review of a high short interest stock with a catalyst squeezing out before fading back down.
Main Watches
DJT Decent opportunity on Friday for a reactive trade near the end of day. With elections approaching and this ticker being very much news-driven/influenced, it will go on radar as there will be volatility opportunities. No real bias one way or another, looking for bigger moves to take advantage to mean revert (long or short).
SMMT Ideally gap up parabolic and sit back. Not trying to attach myself to any thesis, albeit, I feel I have missed the long thus far – so will look for the day it blows out – or – stays heavy vs vwap. Similar execution idea as ASTS. 235m offering absorbed at 22.7s avg, of which more than 33% was insiders
SMX Noisy chart on Friday intraday, but will monitor for failed to follow thru setup vs 6-6.5s. If it’s weak off the open and holds a bid, it may use 6.5-7s as trigger. Open to either idea.
SERV Came out with a tweet on Friday with some robotics used in pepsi and pizza delivery. Not the most exciting chart, but something we’ve seen many times in the past with the likes of ZAPP NNE etc. Worthy of keeping an eye vs levels of exhaustion into bigger timeframe points vs 9-10s on SERV.
LUMN No real action so far, just continuing to monitor for the day trend shifts and it starts to head lower SOUN SHOT style.
RDFN Real estate theme heating up from rates getting lowered by the fed on watch for continuation until parabolic and then mean reversion.
MRNA Slowly round tripping the entire covid move since it was mostly a one product company. It announced it is cutting R&D and expects to take longer to break even.
SCHW Relative weakness in the financial/bank sector on watch for more downside with any market weakness.
PLTR Relative strength name breaking out and possibly to new highs by the end of the year.
GDX Gold making new all time highs and dragging the miners with it on watch for continuation until gold changes direction.
TLT will likely move with the FOMC meeting wednesday and sometimes bonds trend more cleanly than stocks on days like that.
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