The Big 3: INTC, UBER, AAPL

to trading 360. I'm Marley Kayden. It's time for the big three. We've got three stocks three charts and three trades for you. Rick Duquette of course taking us through the charts as always here to take us through the trades today. Scott Bauer the CEO of Prosper Trading Academy. Great to have you both on. Scott. Let's kick things off with a big picture market thought we're seeing to kick off this week. Not too much action to report. I think we might be waiting on a few things. Yeah that's that's exactly what I was telling some people. You know big inflation data later in the week. Certainly there are more earnings reports. But but most of the big market grabbing ones are kind of behind us. So, you know, I think between geopolitical news and then the inflation data, that's really what the market is, is kind of waiting on. All right. So then let's dive in to your big three, your first pick. I was just talking to Jenny Horne about off the top of the show with Intel on this new offering. Moving to the downside. It's recovered a little bit now down about 3.5%, but it was a bit more when they first made this announcement here. Is this a buying opportunity for you? I really think it is. And that's why in this this setup, I'm giving it a little bit more time. And I'm going out to December. But this area right here, you know, in the mid 90s or so has been some recent support. And when I have seen a big company like Intel, you know, come out, offer more stock, there's obviously the initial, you know, downdraft, if you will. And then I think Intel's report from earnings was just so solid. So I really love this stock. So I'm going out to December and I'm buying the 105 125 call spread. Looking to pay about $5.50 for that. And again we may see Intel sell off a little bit more in the short run. And that's why exactly you know, I'm going out five months or so on this. All right. So Rick, we're looking to add a little more upside to a name that's already up more than 165% so far just this year. When we look at the technicals on Intel, what are you seeing here? Right. So when we think about those levels in question 104 is the level I have highlighted here very close to that 105 area. And then a 125 would be right about here. So kind of targeting this area with that particular trade 104 being our recent relative highs. So when we think about the recent trajectory, a downward sloping trend line that was in blue has been broken. It has given way to a shorter term, more narrow, more steep upward sloping channel in white. However, today's price activity looks like we could be on the verge of dipping below it if we were to continue. This downside move 94 stands out as the low point after a small gap up. We also have 82. Another notable low point that we hit after earnings and then here as well the low point after another earnings gap to the upside near 79. Meanwhile to the upside 108. Another relative high 110 as well. And then 117 kind of a double top after we had a gap to the downside here. Not really a double top in terms of it made two significant separate highs but just kind of that's where it topped out twice, I guess I should say to be a little more specific. So when we also think about our moving averages, in this case, our three short, shorter term moving averages are converging together between about 98 to 101. We have our five day, 21 day, 63 day representing one week, one month and one quarter. All quite close together. But price is below all three of them, so more of a bearish tilt. We can also see that RSI our measure of momentum after briefly attempting to break above that downward sloping red trend line, has now pushed below the 50 mid line here. So again a little bit more of a shorter term bearish lean. So finally volume profile shows that we had a node here at these low levels. A smaller concentration of activity between about 82 to 88. And then more of a block here. Kind of a not really a significant clear node of interest, but roughly 100 to 120 or so. That's where much of the trading activity took place recently. All right. Right now we are trading below that 100 mark. We're at 9830 for Intel. With this three plus move to the percent move down to the downside on the announcement of that offering. But your next pick here, your second pick is Uber Scott. They got a nice pick a nice pop here off their earnings still down year to date overall. But they have been moving higher recently. How are you looking at Uber right now. Yeah it is really had a great run over the last week or so since since really bottoming out there. And we're kind of right up to the 200 day moving average, which which has been some significant resistance. So not that I don't like Uber for the long run, but I think it's a little bit top heavy right now. So I'm buying a September expiration put spread the 7570 strike put spread pay about $1.30 for that. All right. So then let's move here to the chart. Take a look here at Uber. We mentioned it had potentially bottomed out. We saw a nice pop on earnings. Are you seeing something similar in the technical setup. Yes. And 70 is the level that especially stood out to me as well. The reason is it was a repeated floor in terms of our closing prices. We did have a couple closes below that level, but for the most part that was around where we bottomed out repeatedly. Things got a little more choppy now, but that stands out as a notable area to watch out for if we were to look further to the downside. 67 another relative low 6541, our 52 week lows. So we did break through a downward sloping trend line here in blue, but now we have not quite surpassed the accompanying ceiling to the floor. I mentioned earlier near 70. That ceiling area roughly here at these lows around where we topped out many times here. That comes in right around 78 or so. So that would be an interesting area for price to break out to the upside. That would open the door then to 81 and then eventually also 88 representing some more relative highs. So now our moving averages in this case are showing a bit of a turnaround here. Now I don't have the 200 day simple moving average. I have a 251 exponential moving average representing the amount of trading days in one year. That comes in at 7712. For now, we are starting to peak above that level. So the longer term the moving average, the more significant it is if it is indeed breached. So that would be something else to take note of if it does start to happen. RSI making an interesting breakout as well. We are pushing above not only the 50 midline but also our downward sloping red trend line there as well. So the next stop for the bulls would be to push above that 70 threshold and move into the overbought area. Finally, volume profile in this case shows that we are pushing out of our node our concentration of trading activity 70 to 75, with the most noteworthy area here being 7425. Our point of control. The heaviest trading area. Next node area in question 80 to 86 is where things are more heavy as well, with two kind of more distinct areas to to look out for near about 81 and 84 or so. All right. Right now with Uber, we are up more than 3% on the day. We're trading just north of $77 a share. Your last pick, Scott, is Apple. I was talking about Apple with Sam earlier on Morning Trade Live. And they got their downgrade today to the equivalent of a sell rating from Jefferies. Also reportedly testing out some Chinese chips to use in its products that will be sold in China. That, of course, has some regulatory concerns, would require some approvals. How are you looking at Apple? Yeah, I really love Apple. And it has done, you know pretty well since since dipping right to that 300 ish level or so. So I'm looking to fade this downgrade and I'm looking to sell a put spread next week August 21st expiration. The 305 295 put spread collect $3 or more for that buy break even on that end of next week would be 302 ish or so, which I think is a really good entry point. All right, so then let's take a look here at the Apple technicals. I mentioned that we're seeing a little bit of a pullback today. But you know take us through what you're seeing here. Yes a bit of a pullback. 305 to 295. Kind of roughly here. I didn't have those specifically highlighted. Just this would be just to to give you some frame of reference here just about. So we can also see then after our downward move on earnings we had our highs 34457 and then a pretty big collapse here after that. That has bottomed out so far near 300. We've formed an upward sloping channel type shape here. Today's price activity despite our downgrade and subsequent down move we haven't really broken out of that channel just yet here. So that remains an area to watch out for. The opening of our gap roughly around 310 or so. Relative highs 317 a notable low near 320. The gap would be filled maybe around 330 or so. Further to the downside, we have our low point after the gap near 300. Not a lot of super clear areas of interest, maybe perhaps around 290 here because it was an old high and subsequent low. The most noteworthy one I saw 275 old highs, highs and then lows following it. But that's quite a bit away from where we are now. Just trying to point out notable levels as I see them. So here we can see that in this case we have dipped below our five day and our 21 day EMA in blue and teal respectively. Our blue five day comes in at 311. We sit now right on our 63 day quarterly EMA and gold that comes in at 306. RSI has accelerated to the downside. After earnings, we had a more gradually sloping trend line that has given way to a more steep trend line to consider right now. We are also below that 50 line here. So more of a bearish lean for now here. So look for a crossover back above that 50 mid line if you have more of a bullish outlook. So in this case here we have some fairly distinct nodes. Sometimes the nodes are a little bit more unclear just kind of a big block of activity. In this case we have some pretty clear ones here. A spike near about 2.95 to 300, a spike near about 308 to 314. And then up here a smaller one near about 330 or so. But those are the areas that stand out from our volume profile study. All right. And right now Apple's at 30654. That is down about 2%. Scott would love to get your thoughts on just generally how you're approaching trading this week with our CPI data coming and PPI and home sales tomorrow, retail sales on Friday, potentially a deal to reopen the Strait of Hormuz. I mean how are you looking at the markets right now. Yeah I think that's the toughest one is potentially a deal. I'm not sure that the market is buying into that anymore. But anything can happen at any time. This inflation data is going to be super important. You know, just after the jobs number last week and the big, big decline we saw in the potential for for a rate hike next month, certainly the CPI number, the inflation data is going to play into that. If it is a real hot number, we probably sell off a little bit and see those expectations rise up for a rate hike. If it is in line a fairly soft number, then I think the market continues higher. All right, Scott, really appreciate you being with us today for big three. That's Scott Bauer from Prosper Training Academy