The major indexes were mostly flat last week, except for the Dow Jones (DIA), which reached a new all-time high. This likely reflects positive economic data, easing inflation, and expectations of an interest rate cut in September.
Remember, the market is "forward-looking," and the interest rate cut is already priced in, illustrating the "buy the rumor, sell the news" phenomenon.
The S&P 500 (SPY) rose slightly and remains in a solid stage 2 uptrend, with most of its 11 sectors hitting extreme-high RSI readings. Gold (GLD) is in a stage 3 consolidation zone above its 200-day SMA after hitting a new all-time high last month.
The Nasdaq (QQQ) is still in a stage 2 uptrend; stay bullish here. Bonds (TLT) have entered a confirmed stage 4 decline, with price below the 20-day SMA and the 5-day EMA crossed below it. Ideally, it would be nice to see TLT drop to its 200-day SMA, presenting an opportunity to buy more shares.
Oil (USO) has returned to a stage 1 accumulation zone right near its 200-day SMA. Most oil stocks (XLE) have been outperforming the commodity itself.
Bitcoin (BTC) and Bitcoin Cash (BCH) are also back in stage 1 accumulation zones, trading below their 200-day SMA, but still holding their anchor points. I'm watching BTC closely to see if it holds or rolls over. Be patient and stay in flow.
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Last week was another amazing week for the MFG portfolio!!
SO, KO, PM, WMT, JPM, and IBM are trading at extreme-high RSI readings and hitting new all-time highs. 3M (MMM) is trading overvalued and currently on a runaway. Lock in gains, but let your winners run!
I’m still holding swing positions in SNOW, CELH, MRNA, GOOX, and TSLR. I have stop loss zones for each of these swing trades plotted. Discipline is key!
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This week, I’m keeping a close eye on BTC, BCH, BCHG, WBA, CLSK, CONL, ENVX, CELH, CRM, HSY, and DG.
I’m looking to accumulate shares of CVS, GOOG, MPW, OXY, ABNB, AI, TSLR, GOOX, BITX, SNAP, BORR, MBLY, AGQ, UCO, RDDT, AMZU and INTCon any weakness, and extreme-yield funds ABNY, BITO, YBIT, AIYY, GOOY, SNOY, and USOY.
-GP a.k.a Fullauto11 🧙🐼
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Bitcoin (BTC) isn’t set up yet. I have no intention to add to any crypto trades this week as of yet. Oil is back in a stage 1 and could be a play this week.
Most oil stocks are running above their 20-day SMA, but oil the commodity can’t seem to get going. I’m watching both BTC and USO closely here.
ETSY is in a stage 2 breakout and could easily run to the top of the channel. Notice the downward-sloping channel price is in and how many times it ran up to tag the top of it. Price has memory.
Trade ideas this week: ABNB, AI, AGQ, ETSY, RDDT, AMZU (on any weakness), SNAP, GOOX, BORR, MBLY, OXY, OILU, UCO, AMDL (you could look to put shares back on or enter the trade here.)
B&B trade ideas: CVS, KSS, DNUT, INTC
[See trade idea ABNB chart below.]
ABNB is in a stage 1 accumulation zone. Notice the doji bar from Friday’s close. ✝️
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As always, MFG- do your fucking homework! If you need help with getting started on your homework watch this video above and read my latest article about my step by step guide to completing your Money Flow Playbook! No more excuses!!
Always remember, whatever you think about comes about, whatever you focus on grows. - GP
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