Keep an Eye on These Weekly Charts

Coming into July, volumes are drying up and weekly setups are emerging.

Jun 28, 2021

The markets have had a nice run and we’ve made it through some of the more volatile parts of June. I wanted to go tread lightly, because historically, this is not a great period of performance for the market. Further, we’ve had FOMC meetings, rebalances, quad witching expirations and other headaches in the way.

I think we navigated it quite nicely with some excellent albeit picky setups. Sometimes less is more.

Now, some setups are emerging from the mess, even with the markets pressing all-time highs and coming off a strong week. I want to keep that in mind when looking at these charts, but below are a few weekly setups that caught my eye last night.

Starbucks

EOG Resources

Texas Instruments

The Last Word

Obviously weekly charts over the weekend have the potential to fizzle out or never get started. But it’s all in the prep work. For every 100 charts I look at, maybe 5 to 10 have some potential. Of those, only a few really shine through.

We’ll see how these setups do over the next days and whether we can get some sort of weekly rotations going.

Keep in mind, volume has been drying up as per usual as we enter the summer. However, this year it may be even more pronounced as the country is reopening in full force. People want to get out and have fun and they’re leaving their trading setups behind as a result.

With the long holiday weekend approaching, look for volumes to dry up even more. But don’t forget we have the jobs report on Friday.

As for cash-flow trades, I’m watching Nike (NKE) and Apollo Group (APO) for potential R2G trades (more on that technique, here).

On the Green-2-Red (G2R) side, I’m watching DM, BTRS, FOA, FCEL and EDU.

I’m also watching Roku for a potential reversal today, even just for a few bucks. Cheers!

Disclaimer: Charts and analysis are for discussion and education purposes only. I am not a financial advisor, do not give financial advice and am not recommending the buying or selling of any security.