Stocks To Watch – 11/25/2024
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Brief Overview
Happy Thanksgiving and welcome back to this week’s Stocks to Watch! Exciting days ahead as we enter into the holiday season and into the end of 2024! We’ll be on the hunt for the best setups as they present themselves, ready to alert them to members!
The week kicked off with some Treasury Secretary buzz. Everyone’s speculating who Trump’s pick will be, and the markets weren’t thrilled with the uncertainty. Stocks didn’t do much, investors are clearly holding their breath to see how this one plays out.
The housing market showed it’s still got some fight left. October housing starts came in a little under expectations, but building permits stayed steady, signaling that builders aren’t backing down. A good sign for future growth in this sector!
The Fed folks were busy dropping hints about the economy. The message? They’re still cautious, trying to balance growth with keeping inflation in check. It’s clear they’re not rushing to make any bold moves just yet.
Jobless claims came in lower than expected (just 213,000), which is great news for the labor market. But manufacturing? Not so great. The Philly Fed’s report showed a decline, pointing to a bit of a rough patch for factories. Mixed signals, for sure.
Consumer sentiment took a slight hit, with the University of Michigan’s index ticking down to 71.8. Meanwhile, the services sector stayed strong, with its PMI jumping to 57.0. Manufacturing still hasn’t escaped contraction mode, though, keeping the vibe a little cautious.
The markets gave us a mixed bag this week. Housing and jobs stayed solid, services are cruising, but manufacturing continues to stumble. Add in some political uncertainty, and it’s no wonder markets are moving a little cautiously. Let’s see what next week brings!
Reminder: The market will be closed on Thursday November 28th in observance of Thanksgiving.
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Recent Winners Tracking
IWM +74% Sent on 11/21
RIOT +27% Sent on 11/20
OUST +46% Sent on 11/18
CCJ +105% Sent on 11/15
AAPL +45% Sent on 11/13
CHWY +169% Sent on 11/5
TSLA +1252% Sent on 11/1
SBUX +61% Sent on 10/31
CLSK +182% Sent on 10/29
AFRM +568% Sent on 10/25
CVX +143% Sent on 10/23
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Market Brief
S&P 500 ETF (Ticker: SPY) – Daily Chart
Opened last week at: $586.22
Hit a weekly high of: $596.73 (after hours) on Fri, 11/22
Hit the low of the week of: $581.86 (premarket) on Tues, 11/19
Closed the week at: $595.51
Last Week…
SPY spent last week climbing out of a hole after the gap day at the end of the previous week. Climbing from a low of $581.86 on Tuesday back to test resistance around the $596 level to close out the week strong on Friday.
Bullish Perspective
Bulls would like to see SPY carry this momentum into next week for a break over $596 to test the $600 psych level before the ultimate test of all time highs at $600.98 for a break out into more blue skies.
Bearish Perspective
Bears want to see SPY reject at $596 resistance for a test of $591.25 for a deeper slide with possible targets at $586 – 584.50 – 581.75 – 578. If we see a deep slip, $578 is possible if SPY gets heavy.
Charts Provided By: Finviz
Weekly Stocks to Watch
As always, we’ll be heavily focused on our news feeds & scanners for prime opportunities throughout the week.
Lemonade Inc. (Ticker: LMND)
Impressive run up here in November, especially this last week we saw LMND run from the $32s to the $52s, where it topped out for the week. There could be more upside squeeze potential and a move to test $60 – 75 if LMND makes a push over that $52 level and builds off it. Longs over time will want to see $50 base and hold. Otherwise, with any downside in the markets LMND could be ripe for a return to mean move towards $47 – 45 – 40.
Snowflake Inc. (Ticker: SNOW)
Huge mover post earnings to the upside retracing 50% of the 2024 bearish price action. We will be watching and waiting for a pullback into $160 range for dip buys. If this range holds buyers can feel confident in more bullish action into the end of the year. Look for upside target $175 and use $178.7 as a trigger to make newer highs towards $187 – 200 – 210 targets. If the momentum from earnings isn’t strong and markets show weakness, this could dip back towards $150 – 140 range.
United States Oil (Ticker: USO)
Potential breakout candidate. Keep this simple. Look for bulls to capture $75 and rip this up towards $80 into the end of the year. Use support range $72.5. If this idea is coming to fruition, names like CVX & XOM are prime candidates for bullish breakouts as well.
Chipotle Mexican Grill Inc. (Ticker: CMG)
Solid week for CMG, and the trend is looking like it’s going to creep towards all time highs. Bulls can feel confident using $60-59-58 as support and buy opportunities with a plan to ride this up into upside targets $64 – 66 – 69.26. A break over $69.26 would be an all time high move. CMG made an all time high move last November – December, so would make sense to see the burrito behemoth play out the same way to close 2024.
Goodyear Tire & Rubber Co. (Ticker: GT)
Possible trend flip here with a long term plan. For bullish investors, look for the weekly bull flag to hold its structure and or breakout. Buy opportunity could work out well support at $9 range. Look for $10.16 to crack to the upside to hold for $11 – 12 – 13 – 14 – 15 in the coming weeks to months. As long as $9 holds would feel confident in holding this stock.
Roblox Corp. (Ticker: RBLX)
Quite the interesting one here. On one side, technicals look strong for bullish investors. There is a ton of upside, and a shelf of support in the $40s. Those areas should be retested, probably will be, and should see support and buys. However, fundamentals and PR have been an absolute train wreck for RBLX. This can result in volatility and we want to keep this one ready to play either side of the action. Short term use $48 as support, but if that breaks to downside would anticipate moves that creep back towards $47 – 45 – 42.5. This zone has potential to be great dips to buy as well if PR improves. If PR gets worse, as well as other fundamentals, bears will be hungry to take this back to $40 and under, where they would seem to have strong control and potential to move back to $30.
American Airlines (Ticker: AAL)
Potential breakout candidate after seeing a breakout of a 3 year long downtrend. This could be a stock that grinds up over time, kind of like it has since August. Look for $14 to build as support to feel confident in a strong close to the year and strong upside into 2025. Short term target +$15. Long term targets +$20.
Microsoft Corp. (Ticker: MSFT)
There could be a bearish spill coming here after some distribution price action. We will keep this thought simple, and use $420/425 range as resistance. Downside targets $410 – 400 – and a break under that to see $390 – 380. It’s important that the 420 range doesn’t break to the upside and close above that on a weekly candle, otherwise this idea may be null.
We have other names on watch and we’ll continue to monitor our breaking news feeds and Stock & Options Scanners to help make the smartest picks with the most potential throughout the week!
Last Week’s Watchlist Breakdown
Ideas from last week’s Watchlist that are still relevant this week
Block Inc. (Ticker: SQ) – “Use support $80-75 range and keep this idea simple. If SQ breaks $90 watch out for impulsive moves to $100 – 120 – 140 with time.”
Coca Cola Co. (Ticker: KO) – ” However, we are coming up to a large volume profile at the $60 price. This could be a great spot to buy and anticipate a reversal in the coming weeks back to $62.5 – 65 – 67.5 – 70.”
Ideas from last week’s Watchlist that worked out, but were not alerted to members
Affirm Holdings Inc. (Ticker: AFRM) – “We want to see $47.5 hold for this to remain viable. Look for upside rips to a $65 target in the coming days to weeks.”
Cloudflare Inc. (Ticker: NET) – “We will be watching $85 as a spot to hold, or dip buy potential. Look for this to move towards last weeks high of $99.17. A break over this and we would like to target $115. A break over $116 could squeeze this one up over $120.”
Sweetgreen Inc. (Ticker: SG) – ” Longs will want to see $32 range defended. If this is defended look for a move back towards a $37 -40 – 42.5 test in the coming days to weeks. If $32 fails, we could see a move towards $30 and a bleed into the mid $20s.”
Weekly Market Earnings Calendar
Most Anticipated Earnings Releases This Week
Weekly Market Economic Calendar
Source: MarketWatch
Weekly Learning Focus
Here are 🎱 popular candlestick patterns traders look for 👀
These are popular price action trading patterns for day traders rely on for exit/entries on smaller time frames(5min, 15 min) ⚡ ⏱️
Also these candles are helpful for swing traders using larger time frames to exit/enter (4hr, Daily) 🌇 🌃
✅ It’s important to use candlestick patterns with other indicators such as volume, moving averages, support & resistance! Do not rely on candles alone 🚫
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