• David Yocum

Stock Chart of the Week - 8/22/22 to 8/26/22

This week, we have some negative sentiment based on TA on $SPY and $QQQ. Futures have also opened slightly red. This week's stock chart of the week will be a short setup given the headwinds I believe the market could face this week (always willing to be proved wrong). Warner Bros Discovery ($WBA) just posted the worst earnings in recent history coming in with a -$1.05 EPS last quarter. This gap down came on significant volume. We have now formed a bear flag with a VCP-like (learn more here) pattern. This one could need some more time to play out however given the run-up on Friday, this spot increases the risk/reward (learn more here).

As always, our preferred short setup is under these key EMAs which is the case here. The $12.05 short target came from a monthly pivot years ago. If the indices continue to fall here, this setup could play out nicely.


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