The Shakedown 8/16/20

LAST WEEK, S&P 500 (+0.68%):

Monday: +0.30%

Tuesday: -0.83%

Wednesday: +1.39%

Thursday: -0.18%

Friday: +0.00%

S&P closed just shy of all time highs last week. We saw pretty smooth sailing last week, minus Tuesday where the rare down day in the market had traders wondering if we'd see a deeper pullback begin. But we just quickly bought that down move up. The S&P has posted 3 straight weeks of gains and 6 of the last 7. The trend is clearly up and I would not be surprised to hear "New All Time High's" in the S&P at some point this week. Will we be able to sustain a move through that resistance area, or will we see profit taking cause a pull in? 

Earnings Season Marches On

Click the above picture for a full list of the companies reporting this week


 Twitter has sneakily been consolidating very tightly all last week. It's actually only gone sideways since their big reaction to earning's day closed pretty muted on July 23rd. The past three weeks have really all been consolidation. It's sporting a nice wedging pattern now, and looks like it's ready to bust out of the wedge higher through the 38.30 pivot.

Going to watch 38 for volume to start.

Trigger: $38.30/39

Stop: $36.49

Target: $43-46+

Click Below for this week's Watchlist

Hope to see you in the chat Monday!

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