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Past performance is not indicative of future results. Email may contain forward-looking statements. See US Offering for details. Informational purposes only.

Hello Traders,

Another wild week in the books. Last week I sat on my hands for pretty much the entire week. I took one trade attempt on Wednesday on BX - Blackstone as it was retesting its breakout zone, but closed it almost immediately Thursday morning at a very small loss. I was anticipating a bit of a bounce as the indexes tested their 200-day moving averages, so I thought I would test the waters, but unfortunately the markets slapped my hand immediately. Here’s the damage on the indexes for the week:

INDEXES

SPY

-3.07%

QQQ

-3.22%

IWM

-4.05%

DIA

-2.31%

BREADTH OUTLOOK

Weaker breadth data throughout the week on the S&P 500. An expansion in new 1 & 3 month lows, as well as an expansion in net new lows as a whole throughout the week. I’m sure nobody was expecting anything different.

Same goes for the New York Stock Exchange - NYSE. Expansion in net new lows on the week. Hopefully we can start to see some improvement on these readings next week or the week after.

I am expecting some level of a bounce next week. However, I don’t firmly believe we are finished this correction. This correction we’ve seen over the past couple of weeks has been relatively controlled despite how it feels. The VIX index has been gradually rising but hasn’t had any aggressive spikes in within this correction. It’s just a thought, but maybe we need one big spike in volatility and some type of capitulation to really bottom out. This is not a prediction, but just a consideration. I would be very happy if this doesn’t transpire and everything gradually settles. But I want to be prepared for anything that could get thrown our way.

VIX - CBOE VOLATILITY INDEX

Despite being in the middle of a shit market, there are still charts that look decent and my main objective, as always is to share them with you folks. I will state the same thing I did last week, which is that I intend to continue sitting on my hands until prices start to firm up at the index level. There will still be select breakouts that work (as always), but for myself, I rather not swim against the tide, even if it means missing some opportunities. But to each their own. I do think over the coming weeks there will be some great opportunities emerge and hopefully we can all position ourselves at the correct time to profit. Regardless, I always have a watchlist of strong charts that I keep on my radar and review daily for when that time comes. So, without further ado…

TICKERS

TSLA, KWEB, CET, CBNK, EWTX, LOW, NOMD, EH, ATEN, COR, KGC, RERE, UHAL, JBTM, PAG, ARQT, MDT, WAT, EPRT, ARCC, EFX, VEEV

Let’s get into this weeks charts!

TSLA - TESLA

KWEB - CHINA INTERNET ETF

CET - CENTRAL SECURITIES CORP

CBNK - CAPITAL BANCORP

EWTX - EDGEWISE THERAPEUTICS

LOW - LOWES COMPANIES

NOMD - NOMAD FOODS LIMITED

EH - EHANG HOLDINGS

ATEN - A10 NETWORKS

COR - CENCORA

KGC - KINROSS GOLD

RERE - ATRENEW INC

UHAL - U-HAUL HOLDING COMPANY

JBTM - JBT MAREL CORPORATION

PAG - PENSKE AUTOMOTIVE GROUP

ARQT - ARCUTIS BIOTHERAPEUTICS

MDT - MEDTRONIC

WAT - WATERS CORPORATION

EPRT - ESSENTIAL PROPERTIES REALTY TRUST

ARCC - ARES CAPITAL CORP

EFX - EQUIFAX INC

VEEV - VEEVA SYSTEMS INC

Hope you all have a solid week. Stay nimble out there!

Together We Trade