Hello, traders! I’m excited to walk you through today’s trade ideas on this beautiful Monday morning of October 23rd. The past days have been tumultuous for the market, with several indices, including the SPY, showing some alarming trends.

The Stock Market’s Rough Patch

Over the last three days, the market had a pretty bumpy ride. The SPY and other indices followed suit with a series of unsightly downswings. Interestingly, we are experiencing a gap down to just below the 420 level. This particular level is quite significant, a major Pivot level as I like to call it.

As we are indeed dealing with an unpredictable space, it is essential to keep a keen eye on whether this Pivot level holds its ground. We’ll also delve into a few stocks with promising setups. Full disclosure, I am not currently investing in anything due to the volatility, but these stocks might stand out in this shaky market.

Promising Stock Setups

Jackson Financial

First on the list is Jackson Financial, which displayed a commendable little tail off the 20 period moving average. It seems to be bouncing back, closing right at the ten period moving average. This upturn denotes a very bullish chart.

Lululemon Athletica (LULU)

Next is LULU. It encountered a considerable drive-down on Friday but made a rebound right off its ten-period moving average. Should a bar reversal occur above Friday’s high, LULU could become a viable candidate for investments. That said, always keep it tight. If at all, the bar reversal fails to hold firm and retreats back into this range, it’s advisable to step back as per my strategy.

CRNX

On our strength alerts today, courtesy of Michael Nauss, we have CRNX. For approximately six weeks, the stock illustrated a notable gap up, but then it shifted to a relatively stagnant state. Set a price alert around the 30.50 area and keep a watch if it can break through and secure a tighter position for a few more weeks.

FTI (TechnipFMC)

Last but not least, FTI also showcases an upbeat pattern. The stock has bounced off its 20 period moving average twice and closed above the ten period moving average, painting a bullishly appealing picture.

Despite these promising stock setups, remember that in the current volatile market you are not obliged to invest.

Always keep it tight and observe the market trend carefully. Remember, the virtuous trader wins the long race! Stay tuned for tomorrow’s update on trading ideas. Until then, happy trading, everyone!