Market Overview and Major Economic Events
Good Morning! 

Welcome  to  the most profitable  trading months of all:
October, November and December
Let the FUN and PROFIT begin! 
* Let's do it ! *

Many traders are not liking nor enjoy trading under the current market conditions and I have to agree it has been a Day Traders Market Environment, but corrections are part of the market's trading cycle. The good news is that after a correction comes reversal (the UpSwing) .

Here are some stocks on my radar for next week - swing and core trades - day trading ideas as well do to on demand momentum build-up : 

1. $CVX - Reversal in the making - a blast through resistance at $81.50 area would release buying pressure that would take the stock higher into $87.40, $93.50  and $95.00 target areas.


2. $P - a few weeks ago I was mentioning a possible reversal in Pandora (P). Hope some of you took advantage of the move higher so far. Another base is forming on the daily chart and the resistance tension is building in a minor resistance area actually from a previous low formed earlier this year in March; a break of this area ($22.00) can trigger a continuation higher into the $25.00 - $30.00 area. Good potential core and swing opportunity. 



3. $ASNA - trying to breakout over $14.00 and it has plenty of room to follow-through, a first target is $15.00 followed by $16.00, $17.00 and last medium term target is $17.50.



4. $FB - continuing it's swing momentum higher. Swing traders can look to initiate short term momentum trades based on the 60 min chart. Follow-through room into $95.00 and definitely into $100.00 by the end of the year contingent on market higher. 



5. $VRSN - attention all Core traders....any pullback buyable!!! Last week Verisign broke through daily and weekly resistance from back in 2001! The stock has the green light for a projected target of $100.00 and higher.



6. $NKE is doing it...are you? This monster trade is ready to go to new highs. Projected targets $150.00 and $178.00. If you are not owning this stocks watch the 60 min chart for an entry with a soft / flex stop. Strong support at $120.00 (minor support area)



7. $JASO - maybe ready for a reversal. $8.50 is the area to watch - a break through this area can bring a multi year reversal. 



8. $USO - bullish over $15.25



9. $AAPL - Might be ripe and in season. Set support last week at $107.20 and on Friday it triggered a daily buy. Swing traders can take advantage of this aggressive entry. First target into $117.00 area and a break of that area has the potential of releasing more momentum to higher resistance (target) areas. I am bullish biased on AAPL into the end of the year  (surely contingent on the market moving higher as well).



10. $HD - has been basing since late August and it is building up momentum since then. A break over $118.50 would send price into the yearly high at $123.80 and projected higher targets of $125.00 and core target is $148.00.



Other stocks on watch for bullish moves: $V,  $JNJ, $DAL, $AMZN


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Go ahead and learn how to trade smart not hard!

Major Earnings for the Upcoming Week:

Monday:
A.M. - N/A
P.M. -TCS
 
Tuesday:
A.M. - PEP
P.M.- NG, YUM
 
Wednesday:
A.M. -  MON, STZ
P.M. - N/A
 
Thursday:
A.M. - DPZ
P.M. - AA, RT
 
Friday:
A.M. - N/A
 

Major Economic Event for the Upcoming Week:

Monday:
9:45 am PMI Services Index
10:00 am Labor Market Conditions Index
10:00 am ISM Non-Mfg Index
12:30 pm TD Ameritrade IMX
                                                                                                                                                                              
Tuesday:
8:30 am International Trade
1:00 pm 3 Year Note Auction Results
3:30 pm  Fed's Williams Speaks
 
Wednesday:
7:00 am MBA Purchase Applications
10:30 am Oil Inventories
1:00 pm 10-Year Note Auction Results
 
Thursday:
Chain Store Sales
8:30 am Weekly Jobless Claims
10:30 am Natural Gas Inventories
1:00 pm 30-Year Bond Auction Results
1:00 pm  Fed's Kocherlakota Speaks
3:30 pm Fed's Williams Speaks
 
Friday:
8:30 am Import & Export Prices
10:00 am Wholesale Trade
2:30 pm Fed's Evans Speaks


TECHNICAL LEVELS AND ANALYSIS OF MAJOR MARKET INDICES

Last week, the S&P 500 Index (SPX) rose a solid 1% while the Blue Chip-heavy Dow Jones Industrial Average's ($DJI) matched this number. The Nasdaq (QQQ) finished the choppy week with gains of 0.5% and the small caps (RUT, IWM) fell minimally to bring up the rear for the major indices.

This week will be very light on economic releases as well as earnings reports. Earning season kicks off last quarter earnings with Alcoa (AA) that will report on Thursday.

QQQ 

- Bias: Bullish medium and long term. 
- Support: $98.50. $84.75
- Resistance: $104.50, $109.00, $113.24,  $114.39 (yearly high)

Daily Chart of QQQ:
      

SPY
- Bias:  Bullish medium and long term.
- Support: $186.80, $182.80
- Resistance: $195.00, $200.00, $204.00, $213.78 (yearly high)

Daily Chart of SPY :

 
As always, if you have any questions, do not hesitate to contact us at: info@TradeOutLoud.com

Have a fantastic trading week! 
  
Anka C. Metcalf
TradeOutLoud.com
Founder

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