Member Kudos Over Recent Calls
by Mike Paulenoff
August 28, 2022 • 12:00 AM EDT
Mike Paulenoff called this past week's sell-off in AAPL ... and the market in general.
On Thursday Aug 18, with AAPL at 173.84, Mike told his MPTrader members: "I am in the 'camp' expecting the latter downside scenario, notwithstanding The Street's newfound love affair with the company."
The next day, he wrote: "AAPL is pressing on key initial support at 171.60/90, which if violated will point to 168-166 next [and] put downward pressure on SPX, SPY, ES."
He updated his downside target to 164.80-162.80 this past Monday, Aug 22, after AAPL broke key support, and by week's end AAPL closed at 163.62, but weakened further in after-market trading to 162.47.
MPTraders members expressed their appreciation for this and other of Mike's recent calls.
"That's some really, really great charting Mike. Fabulous work this week," wrote member FJB.
"Super charts Mike, singlehandedly kept me out of any deep trouble this week. Thank you!" added Mary.
Member ksim summed it up: "Not only kept me out of trouble for the last 6 weeks, but I have made enough money, playing both long and short, to keep my membership for the next 500+ years! Thank you very much for the great guidance."
We invite you to join Mike's Live Trading Room at MPTrader and see how his calls might benefit your trading!
A 40+ year veteran Wall Street technical strategist, Mike hosts an interactive, real-time discussion forum to help traders & investors evaluate and navigate markets, opportunities, and potential hazards in an increasingly challenging financial landscape.
At the close of trading on December 18, 2024, this was my final thought posted to our discussion room at MPTrader.com:ES (March 2024 E-mini SP 500)-- Stating the obvious: Today's reaction to the FOMC Rate CUT (!!) inflicted serious near-term technical damage to the dominant, post-August uptrend... Last 5960.75...Thirty minutes after the close on December 18, 2024, I followed up with this commentary for MPTraders:My preliminary "conclusion" about today's outsized 3.
On December 20, 2024, this is what we discussed about the relentless four-week correction from NVDA's ATH at 152.89 (11/21/24) to a low at 126.35 on 12/20/24:Three Times is a Charm? For the third time this week, NVDA spiked down into the lower reaches of my optimal corrective target window from 132 to 125-- this AM representing the latest spike low at 126.35-- and for the third time, buyers emerged, propelling NVDA higher to 130-132. As we speak, NVDA is trading at 131.
On December 13, 2024, with NVDA trading at 132.54, down 13.3% from its All-Time High at 152.89 (11/21/24), and bearing down on a critical 8-week support plateau at 131-132, this is what I posted to MPTraders:NVDA Update: Approaching key support in the vicinity of 132 that if violated and sustained, could unleash the downside potential derived from a two-month top formation (everyone sees the Head and Shoulders formation by now).
Friday afternoon, fifteen minutes before the closing bell in the equity indices, this was my parting comment about Bitcoin:Heading into the weekend, the technical setup argues against holding shorts in Bitcoin... no?...
Many of you have been members of MPTrader for years, perhaps decades (I have been providing MPTrader.com analysis since February 2003!). Rarely do I take a victory lap about my stock, ETF, and market calls, largely because I have always thought my work should speak for itself, which obviates the need to bloviate and beat my chest to stroke my ego. At my core, I am a market nerd and Geek, not a slick-talking marketer (for better or worse).