The US & China confirmed a phase one trade deal Friday, effectively cancelling the additions tariffs scheduled to come into effect today, as well as agricultural purchases. This news is more-so positive due to the cancellation of additional tariffs rather than excitement over anything else agreed upon. The act of good faith should continue the uptrend we've been seeing in the market.
With the holiday season upon us, this week will be the last week of the year we see normal volume levels before it tapers off into year end. Let's make it count!
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Not too many earnings names I'm looking forward to this week.
Absolutely Love YETI heading into the week. Wanted to make it trade of the week but I'm a bit biased since I'm already in it and can give it to that $30 support area. There is a high chance I add through the $34 level. This is a big pattern here.
We've been watching STNE for a setup for a long time, especially with the type of move it made on earnings. Since the earnings move we've gotten 3 solid weeks of consolidation with last week being a solid tell that this stock is ready for the next move.
The weekly chart shows the tight consolidation it had last week, turning base resistance into new support, while tightening up enough to look for an entry next week. Two weeks ago the stock was still trading very wide & loose.
On the hourly chart, we can see the tight coil forming since the breakdown on Novermber 29th. All it has done since then is hold support and tighten up, allowing us to look for an entry.