03/25/2024
👀 Wealth Exchange Weekly "Stocks to Watch" Report. Every Sunday we will share what stocks you should keep an eye on that week
📌Mar 25-29th
Time to get back to what we all love, huge week ahead again for us on the charts. Economic data is heavy throughout the week starting with New Home Sales at 10AM on Monday. Tuesday DGO at
8:30AM and Consumer Confidence at 10AM. Thursday GDP, Jobless Claims at 8:30AM along with Consumer Sentiment at 10AM. Lastly Friday we have PCE at 8:30AM. Very eventful week, super excited for it.
Let's trade safe and take these profits
📌 Market Overview: $SPY
NOTES: Still consolidating in this massive rising wedge freight trained into new all time highs but closed right back into the top of this trendline resistance which we have tested 7 times previously and seen a -1% to -3% pullback every time. Game plan this week is look for a pop back into 524-525 for a reject/swing entry further out.
Downside first want to watch this 518-519 previous ATH resistance turned support for a relief bounce. In order to be confident in shorts need to see a clean break & hold below 518 which gives us room back into 515, 512, 508.
📌 Market Overview: SQQQ
NOTES: Tricky chart for the week ahead. Consolidating in this massive hourly channel every single time we see weakness the following day it gets bought back up. Game plan will remain open ended until we get continuation here, main watch is a push back into 449-450 for a reject would be interested in a swing there further out.
Downside I like a break & hold below 444 have room back into 442.5, 441, 440. Upside not interested in unless we can get a convincing break & hold above 450 which would be a new all time high break.
📚 Focus: $MU
NOTES: Insane relative strength after a positive earnings report. Game plan here is look for a pullback into 104-106 for a bounce or a break & hold above 114 to go long for continuation into 120.
📚 Focus: $NVDA
NOTES: Great relative strength Friday into close breaking this daily wedge. Game plan is look for a pullback into 923-926 for a bounce or if we continue to show strength a break & hold above 950 want to go long for continuation into 975, 1000.
📚 High Alert: $AAPL
NOTES: Relatively weak against overall market but approaching a major demand.
Like this for a either or setup, upside watching a break & hold above 173 to go long for continuation into 175. Downside watching a break & hold to go short down into 168 where I would then look to flip long for a relief bounce off 166-167
📚 High Alert: $SNOW
NOTES: Approaching a huge macro demand at 150-151 game plan is look for a bounce intraday in that demand but also grab further out expiration with a stop below 150 for a swing. In the case we get extremely weak and get below 150 then we can look to flip short as there is nothing but room down into
✏️Ae Edwards
