Power Plays Weekly Roundup
September 13, 2024
By Scott Redler
What a wild week.
Things were looking very rough Wednesday after the debate and the hot CPI reading.
But the market put in a massive outside green bar that changed the character of the tape back to a bullish complexion.
And the market treated PPI like a non-event.
Some are comparing that big Wednesday candle to the August 5 reversal -- but we'll need time to confirm that.
For now, SPY $561 should be resistance, so we might need some short-term digestion before a big move up.
Either way, let's stay on guard as we look for new opportunities.
Now let's dig into our Power Plays.
Rivian (RIVN) looked rough mid-week and stayed out of the $12.80 danger zone by a penny. But it's roared back and showing strength again.
Doordash (DASH) feels like a powerhouse and I'm surprised it's not getting more attention. It needs to get and stay above $131.50 to ignite.
Amazon (AMZN) has one of the best setups of the Mag 7, and is buyable on dips. It's showing some relative strength today.
Tesla (TSLA): EV stocks are hot (see RIVN above) and this is the flagship. It's over $231 this morning which is exactly what I want to see. The longer it stays above, the higher the chance it ignites.
Meta (META) can be volatile at times, but has been building in a base for 6 months. A move over the $600 area is in the realm of possibility, but it should be a bumpy rise.
Have a good weekend!
-Scott
Scott Redler Positions Disclosure as of 2024-09-13 at 9.35.39 AM