Hey everyone, welcome back to another Sunday Scan. Hope you all had a great week and weekend. We have lots of good topics to go over with the recent market volatility. We will review some charts, and then Stan will join in later to share his main watches.
But before we get into it, there is a special opportunity for a couple of people to get a FREE T4AC ticket sponsored by Investors Underground.
We are looking for a couple of developing traders who are putting in the work and who are interested in going to T4AC. If you can cover your own travel and lodging accommodations, then you are eligible to apply. The event is October 11th-13th, 2024 – at the Palms Casino Resort in Las Vegas, NV.
To apply, leave a comment in the comment section on the YouTube video or email Chris and share your trading journey and what attending T4AC would mean to you.
We want to hear the real stories from great people who are trying their best as they continue down their trading journey and would make the most of the opportunity.
We will pick a couple of people from the responses to sponsor tickets. Looking forward to hearing from you!
Now, let’s review some charts from the week and dive into the main watches for the week ahead.
Video Scan and Game Plan
Chart Reviews
SPY volatility is back driven by the AI unwind and some concerns with the currency markets.
NVDA testing 100 and leading the sector down.
USD/JPY approaching levels that caused the sell off a month ago, so be aware of its potential impact on US markets again.
VIX staying bid while expected volatility remains high.
DLTR trended down into earnings and then gapped down after the ER. DG was a good guide to see this coming.
APLD similar to SOUN as some other names with active option chains and NVDA involvement according to PRs.
TSLA nice example of trending name with relative strength all week and then unwind on a Friday.
WHLR gap up premarket and then fade on lower volume then grind up and squeeze out into the end of the day.
Main Watches This Week
PLTR possible gap up and unwind on Monday after it announced it is being added to the S&P on Friday.
ASTS FFT look on the daily for low $20s. Has an upcoming event so cautious going into that.
Market related names (AMD ARM MU AVGO etc) can be used to spread out risk across the sector during volatile times.
BOF still hanging around, perpetual squeezer, T+1, liq trap, etc – confluence of reasons for this to hang around.
FFIE LUMN on watch for clear out and FFT.
AAPL virtual event on Monday should have some hype into it. Will have a plan for 2 outcomes if the event is impressive or if it’s a letdown and unwinds.
NVDA possible bounce off 100 and then gets heavy again and breaks 100 and tests into the 90 level.
EWJ Japan ETF and possible vehicle for some short/medium term puts if Japan markets melt down again with currency moves.
XLF large banks have been weak, whether from market volatility or just due for a correction they have been heavy and may be good vehicles for puts.
SMCI on watch for bounce on the day the AI names bounce.
awesome!