11/10 – Midweek Watch with Former Market Maker TheGoose – My Take: BUY THE DIP!

by | Nov 10, 2021 | Midweek Watch | 0 comments

Broader Market

$SPY – S&P 500

This market has been on steroids and I think there are buyers still around. The 20D is right below the SPY and it’s catching back up. I think the buyers are gonna buy back this pullback. I could be wrong, but I think the dip is gonna be bought up. Ideally regarding the $SPY, it would come back and test the 20D, maybe even previous resistance. Maybe a little pullback to the prior high, but I’m not sure it’s gonna happen. I hope it pulls back for some opportunity. 

$QQQ – Nasdaq 100

Same thought process on $QQQ. I want a pullback for opportunity, maybe we’ll go back into some prior resistance with the 20D.

What I’m Watching

$DDD – 3D Systems Corporation

My level: 25.60

Why: Numbers/financials good in my opinion. Annual pivot and support. 

Notes: Down about 1.5pts when it closed, there is a lot of support at 25.60.

$GDDY – Godaddy Inc

My level: 69.75

Why: Monthly pivot

Notes: curl on the daily, numbers look good in my opinion. Been holding a $70 area. Prior resistance shows it has to close the gap.

$WFC – Wells Fargo & Co

My level: 49.70

Why: strong name, prior low, annual pivot, prior monthly pivot

Notes: The name was super strong. I’ve been watching this name and have it on swing.

$LPX – Louisiana-Pacific Corporation

My level: 63.10

Why: Previous low, 50D

Notes: nice move from 59 to 68, nice retrace and bouncing off the 50D. Decent ATR as well.

$INMD – Inmode Ltd

My level: 86.10

Why: Monthly pivot, prior consolidation

Notes: Little bit of prior resistance which means new support. Closed close to lows, lets see if it holds 86.10 and makes another leg up.

$KKR – KKR & Co Inc

My level: 73.10

Why: monthly pivot, quarterly pivot

Notes: Its a strong name, just above the monthly pivot, closed on low, have to believe it will come in a little bit more, 2.4ATR should get it down to 73s or so.

$AA – Alcoa Corp

My level: 45.20

Why: Previous support, bouncing off this level

Notes: I have been following this name, it has held $45 pretty well. If it breaks through 45.20, 44 is the next level.

$DKS – Dicks Sporting Goods Inc

My level: 127.50

Why: Support area, prior low, 50D

Notes: It has been a strong name and there’s a confluence of indicators in this area.

$FUBO – Fubotv Inc

My level: 22.80

Why: Prior monthly and support

Notes: I know its way down there but I’m going off of how it traded today, super heavy; numbers seemed okay to me as well.

$MS – Morgan Stanley

My level: 96.70
Why: annual pivot, quarterly pivot, 126D moving average, prior support

Notes: Closed on support, I know it’s close, but there’s some conviction on this level.

$SBUX – Starbucks Corporation

My level: 112.70

Why: Prior low, 200DNotes: I’ve watched this trade, no matter how much I thought it was gonna come to 109s, this name held up so well. I think there are buyers around, it held up today very well.

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