[Platinum Watchlist] (5.16.23)

Good morning.  

The futures are slightly down this morning as Home Depot reported disappointing earnings and the market awaits the outcome of the debt ceiling talks later today. Markets continue to trade rangebound.   

Today, we will be managing our current positions in the paper trade portfolio. Analysis can be seen in the above post.   

Depending on market conditions, there may be an opportunity to re-enter a position in SEDG if there is a significant pullback in price action as all the indicators are still positive with rapidly rising 9 & 20 day moving averages. We will need to wait until after market open to see where price action takes us.   

The NDX has been trading slightly above its range over the past several days, however as we look at a wider view of the QQQ chart, we can see an ascending wedge pattern which is considered bearish and can indicate a potential breakout to the downside.   

MSFT & AAPL represent about 25% of the weight of the NASDAQ meaning moves in these stocks can affect the index as a whole. Both of these stocks have been trading sideways lately failing to get past key resistance levels, so be aware of this situation.   

Swing trading requires patience and discipline, especially during times where the market is rangebound.  

We appreciate your support of the Platinum Channel. Have a great day!  

This information is for educational purposes and not a recommendation to buy or sell a stock.