Stocks To Watch – 1/8/2024
Brief Overview
Hello Traders & Investors,
Scroll down to see the stocks we have on watch this week 
!
Market action cooled off a tad as we begin 2024. Is this just a breather before going back to retesting all time highs, or is 2024 doomed to be a sellers year? Either way, the team at PPP will be tuned into find the best opportunities to both the up side and down side in stocks that have powerful potential & momentum!
Recent Winners Tracking
KR…45% from 12/21
PTON…48% from 12/19
BABA…95% from 12/14
CRSP…185% from 12/13
AMZN…146% from 12/12
ARKK…112% from 12/8
AAPL…82% from 12/5
TWLO…309% from 12/4
U…236% from 11/28
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Market Brief
S&P 500 ETF (Ticker: SPY) – Weekly Chart
Opened last week at: $472.16
Hit a weekly high of: $473.67 on Tuesday, 1/2
Hit a weekly low of: $466.43 on Friday, 1/5
Closed the week at: $467.92
We saw some selling in the market as the New Year kicked off last week. It certainly looks like the SPY could be destined to retest the $460 area which was previously resistance. If sellers continue to dominate action, look for that move this week. In the event action retests that area and holds, a move back to all time high area is likely.
If $470 reclaims and holds it could be a quick move back to highs as bears get shaken out. However, if action cannot sustain in the $460’s, then a move through the $450’s could happen with fragile market conditions.
Charts Provided By: Finviz
Most Anticipated Earnings Releases This Week
Weekly Stocks to Watch
Here’s some of the stocks we have on watch for the beginning of the week…
As always, we’ll be heavily focused on our news feeds & scanners for prime opportunities throughout the week.
PayPal (Ticker: PYPL)
The team will be looking for more upside and a move back over the $60 mark in the coming weeks, and much more upside through the coming months. We like this as a great hold for 2024 and we see +$100 as a real possibility. Look towards $57.5 as support and long targets over $60 up towards $64. Add more time on contract for possible breakout over $64 with time if support holds. If market stumbles, it’s possible to see a move back into the mid 50s.
ROKU (Ticker: ROKU)
We are looking at ROKU at this $88-90 range for support. But, it’s also a prime candidate for more pullback if market makes more downside moves. Look for ROKU to show resistance around the $90 level for a potential move back towards the lower $80s. We could see support or short side targets of $86 – 81 – $75. However, a move over $90 that holds and a poppy day in the market, this could zip back to $100 and burn shorts with a bounce off the weekly uptrend.
Affirm (Ticker: AFRM)
A name we are looking at for a possible return to $40 target in the coming days-weeks. Use the $45-46 range as resistance. We can anticipate a return to mean move towards $40. If $40 fails, and market softens up we could see quick moves to the lower $30s. However, this name is known to squeeze and a move back to $48 would be an excellent long side exit. A breakout over $52.5 could send this up another leg towards $57.
C3.ai (Ticker: AI)
Very interesting spot for us. We are looking at the weekly trend and support at $27.5-25.5 to hold. Look for increased volume at these levels and a possible move back towards targets of $30 – 32 – 34 in the coming days / weeks. If $34 does come, wait for it to hold. A good bit of resistance there. But a breakout over $34 can lead to $40-50 quickly. Must see volume here to want to join in so will be watching the Trading Room Scanners.
We have other names on watch and we’ll continue to monitor our breaking news feeds and stock & option scanners to help make the smartest picks with the most potential throughout the week!
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