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[Platinum Watchlist] (5.1.23) 3 Stocks for this week
[Platinum Watchlist] (5.1.23) 3 Stocks for this week
August 22, 2023
Good morning.
Stock futures are flat this morning as the market anticipates another potential rate hike after the FOMC meeting on Wednesday.
For April, the S&P 500 (+1.5%) and the DJIA (+2.5%) ended the month higher while the Nasdaq was essentially unchanged. The Swing Trade Portfolio ended up $2,124.50 in paper trade gains with $144.00 in unrealized gains in April.
EW is the remaining stock within the portfolio. Friday’s close was up 1.45% and was above the cost basis of 86.54. Support will be around the 9-day SMA with some resistance found at 89.39.
VTR was on the <200 stock list when it was 45.18 and had a full candle close above the 9-day SMA on Friday. The was a slight gap up in price action so we may see some price fluxuation at the open as usual. All the oscillators are in the green and we would want to see continued support at the 200-day SMA. There may be some selling pressure around 48.91. Note that earnings are scheduled for May 8.
HON came off of earnings last Thursday and had a full candle close above the 200-day SMA on Friday. This level should become support if price action can hold above it. Resistance will be at 203.60. Be patient, don’t chase price action and let the market work for you.
If you get into a position, utilize appropriate risk management to assure any losses will be minimal and gains will be defended. Have a great day.
This information is for educational purposes only and is not a recommendation to buy or sell a security.
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