Happy Sunday
With the end of the quarter, the fed announcement and a boat load of economic data to absorb with some political drama sprinkled on top, the indexes struggled last week. Throughout history there have been some notable crashes for the markets in the month of October 1929, 1987 and 1997. There will likely be some chatter about that as we kick off the fourth quarter. September is typically the worst month for equities historically, this September equities held up extremely well as we tested new all time highs in several sectors and indexes throughout the month. I think we should just see how October plays out without any preconceived notion of what is going to happen.
There will be more economic data released this week that could impact equities listed below.
NEXT WEEK'S MAJOR U.S. ECONOMIC REPORTS & FED SPEAKERS
TIME (ET) REPORT PERIOD ACTUAL FORECAST PREVIOUS
MONDAY, OCT. 1
9:45 am Markit manufacturing PMI Sept. -- 55.6
10 am ISM manufacturing index Sept. 60.8& 61.3%
10 am Construction spending Aug. 0.3% 0.1%
TUESDAY, OCT. 2
Varies Motor vehicle sales Sept. 16.9 mln 16.7 mln
WEDNESDAY, OCT. 3
8:15 am ADP employment Sept. -- 163,000
9:45 am Markit services PMI Sept. -- 52.9
10 am ISM nonmanufacturing index Sept. 58.4% 58.5%
THURSDAY, OCT. 4
8:30 am Weekly jobless claims 9/27 210,000 214,000
10 am Factory orders Aug. 1.9% -0.8%
FRIDAY, OCT. 5
8:30 am Nonfarm payrolls Sept. 168,000 201,000
8:30 am Unemployment rate Sept. 3.8% 3.9%
8:30 am Average hourly earnings Sept. 0.3% 0.4%
8:30 am Trade deficit Aug. -$53.7bln -$50.1bln
3 pm Consumer credit Aug. -- $17bln
Source https://www.marketwatch.com
Last weeks list of stocks to watch for Pro members and their performance for the week
You can see the percentage performance in the Trk % Column
Packaged food plays worked well and still look interesting
Last week I indicated technically there were reasons for caution and heading into this week I think we should still tread lightly as we may see some rotation form some sectors into others. Tech and social media stocks could be under pressure while financial stocks may find support for a bounce. Semiconductors are still trying to hold onto a short term trend line and the 200 day with stocks like NVDA QCOM and AMD holding up well while INTC MU and TSEM struggle a bit. Oil and energy related stocks may get some follow through if oil continues to rise. Health care and biotech could be coming up to resistance areas after an impressive run. Retail and consumer discretionary are in consolidation mode near all time highs. Consumer staples could be finding support at the 50 day for a bounce. Materials, metals and mining may be pulling to an area for a potential bounce. Small caps broke below the 50 day and could be headed for a 200 day test if it loses the 100 ema. Industrials found resistance last week and pulled back it could be heading towards the 50 day for a test. Keep an eye on the dollar and the volatility plays like TVIX UVXY if the markets really see some selling pressure.
No free video this week of stocks to watch. Pro members the video will be out in about an hour.
If you would like an invitation to a new free discord chat room that we are in just email me @ Tim@alphawolftrading,com and let me know what your trading experience and interests are an I will be give you the link to join us for free no strings.
Good luck trading this week and best of success always.
