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Weekly Catalyst Email -SP500 Choppiness, Nord Stream 1

Written by Moneypig Trading Inc. on Sept 6, 2022


Just a quick disclaimer: Moneypig Trading (https://www.moneypigtrading.com/) is not a financial advisor. Please invest at your own risk.


Hello traders and investors!


Moneypig Trading delivered a great week! We shorted semi-conductor stocks and had some great results!vMembers are very happy!



Our new $350 small account is growing significantly after 3 months of consolidation




3. Fed SOMA balance and market summary


Fed decreased its SOMA balance from $8.33 tn to $8.31 tn in the past 7 days. The decrease could elevate $TNX, financial, industrials stocks& lower the tech & growth stocks,



4. Individual Charts to watch


4.a. $SPY


Downside: key support this week is 390.04 last week low. That levels breaks, the key support is 385.19, 380.39.

Upside: 396.3, 401.44, 405.89


Comment:

$SPY uptrend breaks. SPY has room to break down further this week on Powell’s hawkish remark, and interest rate policy, plus Russia decides not to provide natural gas to EU. However, historically Sept has been an extremely volatile and choppy month like Sept 2021 since (1) major earnings are finished (2) Fed FOMC usually happens at the end of Sept (3) several major economic data like CPI, GDP which could affect the market direction drastically. Reduce full-size trading is usually not a bad idea




4.b. $EQNR Equinor ASA

Downside: 37.35, 35.87 strong daily EMA supports

Upside: if 39.17, 39.34 daily EMA support can hold, expect 40.36 next week


Comment: EQNR is a Norwegian state-owned multinational energy company headquartered in Stavanger. If Russia cut the natural gas supply to EU, more EU energy supply will come from Norway including EQNR. EQNR had a very volatile week just like $SPY due to the Nord Stream 1 opening news earlier last week and closing again on Sept 2. $EQNR price action is very headline driven.

Possible Action (no action yet):

$EQNR 09/16/22 38-40 vertical bull call debit spread. Potential 80~130% returns




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Just a quick disclaimer: Moneypig Trading (https://www.moneypigtrading.com/) is not a financial advisor. Please invest at your own risk.

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