Before we dive into our Focused List, it’s important to review the events that can impact the overall market this week. If we understand the events coming up and how they may affect market moves, we can have a better plan and make better trading decisions.
Last week we reviewed the start of the SPX (Equity Index) Roll on Thursday, Sept. 9 and since then we’ve seen sharp moves lower, which we’ll break down in the video above. We’ll continue to see this event impact the market until it ends this week on Friday, Sept. 17.
There are a handful of new events happening this week like Quad-Witching on Friday, Sept. 17, the expiration of Equity options and futures and Futures and Index options and futures that can lead to pinning action by big money.
We have the S&P Indexes Rebalance on Friday, meaning big funds will rebalance their portfolio and adjust their positions based on last quarter’s results. Finally, we have the Philadelphia SOX (semiconductor) Index Rebalance, adding to our events list on Friday.
Here is our focused list:
GOOGL — Dropped hard with recent news regarding the Apple App Store but without the noise, we had a nice drop to the daily mean at $2,817. After Friday’s drop, we want to remain patient to see if GOOGL can present a dip buy opportunity. If GOOGL holds the daily mean at $2,817 and the bottom of the 4-hour Ichimoku Cloud, look to take a dip buy for a push up to $2,874 and potentially $2,900.
ROKU — Continued to drop this week. If it continues to hold $323 and the market starts to rally, look for a dip buy opportunity. Both Point Of Control (at $338) and the Daily Mean (at $350) are above ROKU’s current price. Use the $325 zone to facilitate a pop to the $331 and $336 range.
SQ — Broke into a key level at the 200-day simple moving average (SMA) with a beautiful recovery higher on Monday. Keep an eye for price to head back towards the 200 SMA for a great dip buy level. Should SQ hold the $244.35 key level, work SQ up to the 50 SMA or $260 range.
Stay Focused!