Stocks To Watch – 11/20/2023
Brief Overview
Hello Traders & Investors,
Scroll down to see the stocks we have on watch this week 
Happy Thanksgiving Week! We’re back to another Weekly Market Brief & Watch List
The SPY caught a nice gap up last week and we could be seeing more to come! With Black Friday and the Santa Rally on deck to finish out the year, we could see a lot more action to come.
While things have slowed down a bit regarding earnings and economic reports, we will be keeping a close eye out for any reports that could potentially affect the market such as earnings from ZM, BBY, BIDU, NVDA & HPQ all scheduled to report this week.
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Market Brief
S&P 500 ETF (Ticker: SPY) – Daily Chart
Opened last week at: $439.23
Hit a weekly high of: $451.42 on Fri 11/10
Hit a weekly low of: $438.42 on Mon 11/9
Closed the week at: $450.79
The SPY saw a decent sized gap up on Tuesday of last week which resulted in a test and hold over the $450 psych level to finish out the week. If the Spy continues to gain ground over the $450 level we could be in store for more gaps to the upside and a possible test of all time highs just shy of $480.
However, if the SPY fails to hold the $450 level we could see a slide back to recent lows. Look for support at the $440 level if the gap starts to back fill.
Charts Provided By: Finviz
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.
Datadog Inc (Ticker: DDOG) – Daily Chart
Nice bullish action here lately, rising over $110 this past week, before closing right under $110. We are looking at $113 – $115 range as short term resistance. If this level cannot break and hold, look for a move back to test $100 – $98 price zone. If $115 level does break and hold, look for a move to +$117 where there’s even stronger resistance. A breakout over $120 could spark a larger bullish rally.
Lemonade Inc. (Ticker: LMND) – Daily Chart
Good looking bullflag forming this November. Also, the short interest here is +30%. Look for support at $15 – $14 range. These areas could be great buy opportunities to catch a run to the upside of $18. If $18 becomes support, look for a potential move to $20 – $24. If support under $14 doesn’t hold, look for short side targets of $13 – $12 – $11. We will be looking for LMND to pop up on our Shorts Feelin’ the Pain scans in the Trading Room.
Peloton Interactive Inc. (Ticker: PTON) – Daily Chart
This price action disaster might actually have some bullishness into the end of the year. The important level we are looking at is $5.50. If PTON does not hold this price, we don’t want to be long. However, there’s room to a $7 target for longs. The $7 level should show resistance.
Micron Technology Inc. (Ticker: MU) – Weekly Chart
This semiconductor name has been on a nice run as of late. There’s a good chance that MU makes another leg up (if the market continues to be bullish.) So we want to keep our eyes on this one. We are looking at $73.50 – $76 to be support. Look for potential buy opportunities in that zone for a possible move over $80 – $82.50 – $86 price targets in the coming days – weeks.
We have many 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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