We have three new setups this week, while DIS and SMH turned active.
New Setups
- UBER
- RSPD
- XLB
Asset Classes
Equities
- UBER Technologies (UBER): New Setup
- Charles Schwab Corp (SCHW): Pending→Monitoring (Divergence was burned through as both price and RSI made lower low).
- Walt Disney Co. (DIS): Pending→Active (Turned active October 6)
Equity ETFs
- Invesco S&P 500 Equal Weight Consumer Discretionary ETF (RSPD): New Setup
- Materials Select SPDR ETF (XLB): New Setup
- VanEck Semiconductor ETF (SMH): Pending→Active (Turned active October 6)
- iShares MSCI Emerging Markets ex-China ETF (EMXC): Pending→Monitoring (Divergence was burned through as both price and RSI made lower low).
Commodities
- Copper Future (HG1): Pending→Monitoring (Divergence was burned through as both price and RSI made lower low).
Equities
New Setup: Long: UBER Technologies (UBER)
-Bullish divergence setup as price made a lower low and RSI higher low at beginning of October compared to September levels.
-A break above the short-term trendline extending from mid-September and the 50-DMA would provide an objective buy signal.
-The divergence is very short term in duration so targets 1 and 2 are in close proximity, while target 3 is a lower probability target and would need price to break towards the 2021 highs.
-A potential stop loss at July 2023 lows before price broke to a new 2023 high.
Equity ETFs
New Setup: Long: Invesco S&P 500 Equal Weight Consumer Discretionary ETF (RSPD)
-Bullish divergence setup as price made lower low and RSI higher low in October compared to early October levels.
-A break above the trendline from mid-September would activate the long trade.
-Target 1 aligns with a key horizontal resistance level, while target 2 also aligns with horizontal resistance near the 50-DMA. Target 3 is also a key horizontal resistance level.
-Macro Catalyst: Consumer Discretionary could see a bullish reversal from what has been significant underperformance since July if interest rates start to move lower or consumer spending picks up into the holiday season.
-A potential stop loss is placed near the banking crisis low levels.
New Setup: Long: Materials Select SPDR ETF (XLB)
-Bullish divergence trade with price making lower low and RSI higher low in October compared to September levels.
-A break above the trendline extending from mid-September would provide the buy signal.
-Target 1 aligns with horizontal resistance and the converging 50/200-DMAs. Target 2 would also meet a key horizontal resistance level and target 3 would see price rise back to the YTD high.
-Macro Catalyst: A weakening of the dollar and positive news out of China could stem a resurgence in materials stocks, given their large international revenue exposure.
-A potential stop loss is placed near the banking crisis low levels.
Dear GOT team,
Why is the “Trader Watchlist” not synchronized with your posts? For example, DIS was mentioned in your post on 10/03/2023 but is still not visible in the watchlist:
https://www.gameoftrades.net/news-feed/weekly-pending-setups-report-new-setups-schw-dis-smh-emxc/
The usability with the current approach is a little bit confusing for me, because today you are mentioning UBER for example in this post which is also not listed in the “Trader Watchlist”.
Hi @Manuel Schwarz There is a technical difficulty with the pending and active setup watchlist postings that we our technology team is looking into. It should be fixed by tomorrow. We appreciate your patience with this. Thank you
@GOT Thank you!
If you are going to make a statement like ” a break above the trendline started in September” then you should at least define that trendline clearly. The chart you provide is not detailed enough to accurately replicate your trendline. For example, for today’s new trade RSPD, if the last candle on your chart is today (10/10) then we are close but no cigar. However, if the last candle on the chart is yesterday then we have clearly closed above and broken the trendline. I even tried using a digital magnifying glass but when you do that the shapes are not actually candles but weird morphs that bleed into each other. Very frustrating.
If you said the trend that started on the x/x date at y price and ended on the x/x date at yy price then it would be much clearer.
I fully agree with the comment. A perfect solution for me would be a simple notification via email by the end of a day if a trade started to become active. I know, this would be some additional effort but this approach would avoid the delay we have with the existing approach based on the posts.
[…] Long UBER […]
[…] Long UBER (New) […]