Hope you all are having a good weekend. Below we will be previewing the upcoming week.
Format for what is covered in this weekly preview:
A look at the indices
Key upcoming economic events
Upcoming earnings reports
Interesting charts and setups
Notable portfolio changes from the previous week
Current Portfolio Holdings
List of stocks I am watching in the event of a meaningful pullback
End of Early Adopter Pricing and Return to Standard Pricing
The last few weeks have been huge for the Community. We surpassed the 1,000-subscriber mark, became an official Substack Bestseller, and reached the top 10 on the 'New Substack Bestsellers' list! I wanted to give a huge thank you to all the people who value my efforts; it is very much appreciated.
As a gesture, we initiated 15% off for early adopters (slightly more on the Annual plan). The response has been amazing and we have consistently remained near the top of the ‘Rising in Finance’ List. To keep things manageable and ensure quality, we are going to normal pricing soon on the 11th of August.
For those looking to join, I highly recommend to do so to lock in the lower price.
To access use the following link : https://sixsigmacapital.substack.com/8e74e5ab
Indices
Dow Jones advanced 0.67% in the last week
S&P 500 advanced 1.61% in the last week
Nasdaq Composite advanced 2.89% in the last week
IWM advanced 1.75% in the last week
Key upcoming events:
Tuesday, August 12
Consumer Price Index (CPI) for July (8:30 AM ET)
NFIB Business Optimism Index for July (6:00 AM ET)
Federal Reserve Speeches
Wednesday, August 13
Weekly MBA Mortgage Applications (7:00 AM ET)
EIA Petroleum Status Report (10:30 AM ET)
Thursday, August 14
Producer Price Index (PPI) for July (8:30 AM ET)
Initial Jobless Claims (8:30 AM ET)
Friday, August 15
Retail Sales for July (8:30 AM ET)
Industrial Production and Capacity Utilization for July (9:15 AM ET)
University of Michigan Consumer Sentiment (Preliminary) for August (10:00 AM ET)
Upcoming Earnings
This week is again another packed week with many portfolio names reporting. Notable ones for me are Harrow (Monday), Tecogen (Tuesday, Sea Limited (Tuesday), and PagSeguro (Wednesday)
Below is the infographic by Earnings Whispers for the upcoming week:
Charts
SPX
Sits currently at 6389.45, RSI 62.77. 3.43% above a rising 50SMA.
Advanced 1.61% for the week.
Still in a strong uptrend amidst the seasonally weak period. We did get a pullback to the EMA 21 recently which it held and rebounded nicely from. A pullback to the SMA 50 would not be a surprise in coming weeks.
Whilst there were 4 consecutive Distribution days last week there were none this week.
BTC (currently Long)
Currently $116675.22. 2.87% above 50SMA and 17.06% above 200SMA.
23.56% YTD.
Last week BTC actually printed 6 red days in a row and tested the prior breakout level. It held and has been tried to grind upwards albeit is somewhat flat on the week.
AMZN (Currently Long)
Currently trades at $222.69, RSI 50.24 and 5.87% above 200SMA.
+1.12% YTD
Reported earnings last Thursday which were strong but the stock sold off more than 8% on Friday. Last week I wanted to see whether AMZN could hold the Ascending SMA 200. AMZN did hold the SMA 200 but now remains to be seen if fills the gap to 230 and then can re-test prev ATH at 242.
SE (Currently Long)
Currently trades at $147.61, RSI 39.76 and 13.04% above 200SMA.
+40.76% YTD.
SE has lost the SMA 50 with several red days in recent weeks and is $20 off the highs. Earnings are pre-market on the 12th of August. This will be a high volatility event and so I would not be surprised to see the SMA 200 re-tested. It has been a strong support in the last 18 months, let’s see if it holds again. If not 100 might be in play!
TSLA (No position)
Currently trades at $329.65, RSI 56.31 and 1.73% above 200SMA.
-13.09% YTD
TSLA has reclaimed all its key moving averages and has shrugged off a lot of bad news in recent weeks, such as poor earnings reports, poor delivery numbers, the unimpressive launch of its Robotaxi, and, last but not least, Elon's kerfuffle with the sitting U.S. president. That is notable.
Furthermore, with laggard MAG 7 stocks like GOOGL and AAPL recently getting a bid, I wouldn't be surprised to see TSLA test 360-365. If that range is broken cleanly, a run to 420 could be next.
Notable portfolio changes in previous week (all updated live in subscriber chat):