Hello Magnus community,
I hope you had a great week.

In this weekly newsletter, I will share with you my weekly trading plan and analysis with key levels for ES/SPX, NQ, DJI and RTY followed by TSLA, PEP, KO swing trade ideas.

Let's dive into it!

ES - last week we noticed some bullish pressure around 4280-4300 levels since Wed. We had a major support level + demand zone + 200ema. 👇

The daily candles were forming wicks to the downside: it seemed like bulls were trying to hold this support level and 200ema.
However, I believe the bullish pressure wasn't big enough, especially after Friday's selling pressure and higher volume.

Today's price action was generally bearish for most of the day, but we got some bullish move during the last hour of the trading day.

However, last week we have already formed a new LL(lower low) after ES lost 4350 level.

📈 Based on only ES price action, I believe we can look for an uptrend, if bulls reclaim 4400 and close above it w/ strong volume.

📉 But if bears defend 4350 and close any day below 4280 with a nice bearish engulfing candle and preferably w/ higher selling vol., then my next targets would be 4200, followed by 4150.

NQ - the price action of the past 4 days looks like a dead-cat bounce to me. Bulls are trying to push, but they are failing to reclaim 15100 level and 20ema. 👇

We have a huge volume shelf and HVN at 15050-15100 levels + resistance + supply zone.

📈 Now, what do bulls need? Reclaim 15100 and close above it w/ higher volume.

📉 Bears need to defend 15100 and try to reclaim 14600. If we get a daily close below 14600, my next target would be 13900. If 13900 fails, I'd target 13300.

DJI - last week bulls failed to hold 200ema and 33900 level. And all week they couldn't reclaim 200ema.👇

On Friday, we had a massive wick/rejection from 200ema and closed the day with increasing selling vol.

Today, the selloff continued for almost all the day, but we got some pump during the last hour - hence you see the wick to the downside.

33500 is a major support + demand zone. Bulls could hold it today, although the selling vol is still high.

This is really a critical level:
📈 Bulls need lots of volume and pressure to reclaim 33900 resistance, then 200ema, and after that 34200. It will be HARD for bulls!
📉 If bears close a day below 33500, then I'd target 33100.

33100 is the next major support level + demand zone. If that fails, I'd target 32700-32600.

RTY - last week bulls tried to reclaim 1825 resistance twice, but failed. 👇

Today's selloff was massive - look at that bearish engulfing candle with a higher selling volume.

This looks bearish and we may drop lower, but...

📈 1760 has been a support level and demand zone for over a year. If bulls hold this level, we can target 1825. After a strong daily close above 1825, we can target 1900.

📉 But if the bears close below 1760, my next targets are 1735-1710.

⚠️ 1710-1735 are MAJOR support levels and demand zones since 2018. This is where you should be cautious, if you are short and watch the price action of ES, NQ and DJI closely.
RTY/IWM price action directly impacts SPY/SPX.

Alright, let me share with you a couple of swing trade ideas if the bulls are able to bounce back from these levels.

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👉 TSLA - see the chart below and how much confluence we have:

So far, we have been holding 233-235 support level very nicely w/ increasing buying volume, along with the trendline since Jan 2023 .

📈 If we get a daily close above 254 and/or the futures get a bullish bounce back, this a GREAT trade idea to long and target 270, followed by 278-282-290.

📉 But if the bulls fail to hold the trendline and 235 level, we may retest 215 level.

PEP - see how much this stock has fallen since July 27: almost $25.
This is very unusual of PEP - it's usually a strong performing ticker.

However, because of DJI and IWM drop in the past weeks, along with XLP sector poor performance, PEP has dropped a lot.

As you can see on the chart, we had major support level + demand zone around 171.75 level, then even more confluence at 169.50 level.
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⚠️ But most importantly, today we retested 167.22 support level, which has been a strong demand zone since Dec 2021.

Today's volume was lower, but the candle shows nice bullish pressure + doji at downtrend and major support, which can be a sign of a reversal.

👉 PLAN:
I'd enter 2-3 months out (preferably Jan 2024, at least Dec 2023) 170 calls and hold for 6-8 weeks to reach higher targets at 171.75-175-177-179.50-182.
My SL would be a daily close below 167.22.

BUT...
If you cannot afford to pay the premiums for PEP, you can a KO position.
KO is also extremely oversold and follows PEP price action almost all the time.

That's all, guys!
I wish you a great week ahead and nice profits💰
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• If you have any trade ideas or charts that you would like me to review, please feel free to email them to me at harrison@magnusinvestors.com. I would be happy to provide you with feedback on your ideas and help you to improve your trading skills.

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