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