Swing Trader Pro: Morning Briefing (10-07-2022)

JC Parets
October 7, 2022

From the Desk of Kimmy Sokoloff

That was a wild move yesterday. Almost everything reversed lower.

I'd like to think this is simply just a healthy consolidation before a potential move higher for the indices.

We have economic data out this morning -- monthly nonfarm payrolls -- and that might set the stage for the day.

The levels I'm watching for the $SPY are support at 372.30 then 370, with resistance back above 375. For the $QQQ, support is at 276.25, and resistance is at 282.3.

I don't always trade on Fridays, so we'll see what comes our way.

Here are the names I'm looking at:

  • I'm still watching $BA for a break above 133.89 for a potential move to 136, then 138.

  • I'm watching $MU as well, but I don't love trading semiconductor stocks because they're volatile. This name needs to clear 55.

I'm also watching the banks closely. They're not ready yet; time will tell.

As of now I need to see how the market trades this morning. The moves can be wild due to option expiration, and I prefer to stand aside.

I'll make small trades, if any.

I'll see you live at the open.

Here are a couple of key things to remember about what we're doing here.

First, it's important to be in the live chat. As you know, the market has been extremely volatile, and we'll likely continue to see many ups and downs.

What that means practically is that I'll update not just price levels but even particular names we're watching as the market moves.

Second, please understand that the focus of our discussions is simply my opinion.

Your results will vary based on many factors and variables including execution, timing, and market conditions. All of these issues are completely out of my control -- and yours as well.

Our mutual goal is to win more than we will lose and that, by adding some of my strategies, we'll help you boost your overall success.

Remember, the market is on its own schedule and subject to change without notice.

We've had many questions about position and allocation sizes. I will never advise you regarding the amount of risk or portion of your assets you should invest.

All trades are at your own risk and can be discussed with your personal financial advisor at any time should you feel necessary.

Thank you for joining us, and I look forward to working with all of you!

And please each out with any questions.

We'll see you LIVE on the ASC Rangefinder app to start the trading day.

All Star Charts Team

Filed Under: