Weekly Market Recap & Watch-List Sunday 02-27-22 #SPY #AA #CLF #CVX #SAH #GLD

orionstafa
Feb 28, 2022
6 min read

Hello everyone, Happy Sunday and I hope you all had a wonderful weekend and are ready to rock this coming week. As the volatility increases the day-trade opportunities increase, there are lots of short and long trades and opportunities to get into this week. Let me get right into it by explaining how I see the market conditions and how to trade around them.

I will break down each time frame Monthly, Weekly, Daily, ad finally 4 or 2 Hr. Chart of the S&P500 & Nasdaq 100 By using the #SPY and $QQQ ETFs

#SPY Monthly tried closing above the $451 and getting inside the last month's candle but failed, However, the $406 support at the 21EMA did hold so for now on the monthly that's what I would look for the $406 support and the $451 resistance whichever way it goes that is the way I will trade the markets on the monthly.

#SPY Weekly is basically the same as the $406 support and the $451 resistance, but the major difference the weekly is that we are trading below the moving averages of the 8 and 21 EMA. last week's candle closed inside which means we could give it another go to see if we could get above that $451 resistance once more. And if we could get above the $451 we should be able to retest the previous highs the $480

#SPY Daily also looks very bearish, we need to clear the $438 in order to continue higher and try to retest the second resistance at the $457 level. If we cant get above the $438 Monday and get rejected at that level I would short the market until the first support at the $410 level. If we do gap up higher above the 1st resistance the $438 level I would go long until the second resistance Wich is the $457 level. With RSI being under 55 and the Momentum below zero, I am leaning more towards bearish than bullish on the daily chart.

#SPY 4-hour Chart, this time frame I usually use it to see the direction of the markets for quick trades, once I get an idea of how much more room we have to the up or downside. I then look for trades according. so in this case we have another 2% to the upside before we can reach resistance, so if we open green and attempt to go higher on Monday I will know that the $447 is where I would get off my long day trades. Then wait and see what happens, do we break above it or do get rejected? if rejected I will enter trades short, if we break above I would wait and see if we can get a pullback. If we do get a pullback the $447 the upper channel would have to serve as support in order for me to enter the market long.

#AA Weekly. Alcoa Corporation produces and sells bauxite, alumina, and aluminum products globally.

$AA Weekly broke out of this uptrend channel and the trend is super strong, however, I would rather wait for a pullback to the upper channel and see if the $65 1st support holds. If the $65 hold That is where I would rather start my positions with a stop loss right below it

#AA Daily looks stronger than the weekly, which means it could run for another day or two before a pullback to support, and those one or two days run can provide really good day-trading opportunities. if your looking for a day trade keep an eye on this for Monday or Tuesday, and if you are looking to swing this stock i would rather wait for a pull back to the first support at the $65 level

#AA Monthly looks extremely bullish, the RSI is a bit overbought here at 80 so i would wait to pull back from those levels that it broke out from. but lots of upside room to run so this is ideal for a longer-term trade or more like an investment.

#CVX Monthly

Chevron is one of the largest publicly traded oil and gas companies in the world with operations that span almost every corner of the globe. The only energy component of the Dow Jones Industrial Average.

although the monthly broke out and looks super Bullish this stock has had almost 130% move since it started running and if you were not in you missed most of the move Wich is now coming to an end for a while. what do i mean by missed the move and its coming to an end? Basically that it is a bit over bought here and at some point investors should take profits and on the monthly candles should take some candles to consolidate before the next Bigg leg up, so if I were to be a longer term investor i would rather wait for a pull back to the $125 $130 area.

#CVX Daily makes more sense if we open higher on Monday for a short term trade until we reach the $145 level with a stop loss at $139.

#CVX 4Hr also looks good for shorter term trades, maybe on the premarket it pulls back to the $139 era holds the bounces back up if it does that the i would definitely get on board for a short term day and swing trade

Sonic Automotive (SAH) is an automotive retailer in the United States, operating approximately 96 new vehicle franchises representing 21 brands of cars and light trucks; 14 collision repair centers in 12 states.

#SAH Monthly looks really bullish for a longer term investment with the $46 being the support/stop-loss if it could clears this bull flag formation at the $56 level the stock would have plenty room to move

#SAH Weekly basically looks the same, it just look s clearer and you could tell that the EMAs are crossing and my favorite when EMAs cross you get a big candle which is that much more likely to continue higher, I would get in tomorrow Monday if it opens above lasts weeks price level, tight stop loss at $50 if it clears the resistance $57 i would stay if not i would get out and get back in at a better price.

#SAH Daily also looks very bullish, entry would be at the $56 ish level with a stop loss at $51 many way to invest or trade this stock depending on your horizon.

Monthly #GLD SPDR GOLD SHARES

The SPDR Gold Shares reflects the performance of the price of gold bullion, less expenses.

The monthly #GLD broke out of this small symmetric triangle and is now forming this coup and handle formation. If it could clear this $185 resistance i think it has so much more room to run almost another 80% move according to the coup and handle patter theory. No it wont happen over night you may need a couple years to get this 80% but you are looking at the monthly charts then you are more likely top be an investor then a trader.

#GLD Weekly broke out of this symmetric triangle, the 8EMA crossed the 21 EMA and it looks like its pulling back a bit, if the moving averages hold there at the $ $171ish level i think that is a beautiful spot to enter for a swing trade with a target to $195 and a tight Stop-Loss $170

#GLD daily basically shows the same thing

#CLF daily

Cleveland, OH-based Cleveland-Cliffs Inc., formerly known as Cliffs Natural Resources, is the largest producer of iron ore pellets in North America. It is also the biggest flat-rolled steel producer in the region

#CLF had such a beautiful day Friday posted on our watch list Friday premarket. I think Fridays move was just a sign of what is to come from this chart so i would defiantly keep a very long eye on this thing.

#CLF Monthly it is just getting Started, if it breaks out of this $26 resistance that is been consolidating for a year or so it has so much more room to go> defiantly worth keeping it on the watch-List

Below here i will post a couple more stocks that look horrible and are good short opportunities.

#OPEN Daily below $8.50 i would go short, the best scenario would be if the stock opened green but goes red quickly.

#TAL monthly

#TAL Education Group provides K-12 after-school tutoring service in China. It offers tutoring services to K-12 students covering academic subjects, before 2020 this stock was so hot everyone was recementing it and now it is trading at $3 and will probably be a penny stock soon