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."
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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.
This past Monday, July 15, right after the opening bell, Mike Paulenoff cautioned our members about the technical setup in TSLA (Tesla), writing:"TSLA is in the grasp of a corrective period off of last Thurs (7/11) high at 271.00 that hit an initial low at 231.52 last Friday (7/12). The big rebound off of 231.52 to 262.72 during this AM's pre-market trading has the right look of an "intervening bounce" between two distinct corrective declines (the first being 271 to 231.52).
This week's selection for our Top Call -- VZ (Verizon Communications) -- is less a function of its recent success and more a reflection of Mike's technical setup work that projects gains in the days and weeks ahead. On June 17, one of our MPTrader members (FJB) alerted us to his fundamental work on VZ. After seeing his positive comments, Mike Paulenoff posted the following technical interpretation of the pattern setup:"... somewhere above 36.
On the morning of June 20, Mike Paulenoff posted a heads-up about AMD to MPTrader members, writing:"AMD has been upgraded this AM by Piper Sandler with a Target Price of 175. Piper reiterated its OverWeight rating and has made AMD its top big-cap pick for the remainder of 2024. Technically, AMD has its challenges and its work cut out for it to climb to Piper's 175 target. My attached 4-hour chart setup argues that for starters, AMD needs to climb above 158.
On the afternoon of May 7, 2024, ahead of earnings the next morning, this is what I discussed with MPTrader members about a forthcoming opportunistic technical set in UBER (Uber Technologies):UBER reports earnings tomorrow morning before the opening bell. My Big Picture setup suggests strongly that the bull phase that commenced in June 2022 at 19.90 still has unfinished business on the upside into the 90-100 target window.
This coming week is filled with consequential macro and micro "events," such as NVDA's 10 for 1 stock split, CPI, PPI, and TSLA's annual meeting, during which shareholders will vote to approve or reject Elon Musk's 2018, $56 billion pay package.Arguably, the most significant "event" for the technology sector, in particular, and for the major equity indices is Apple Inc.'s WWDC Conference, which begins tomorrow.