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Stocks To Watch – 11/20/2023

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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

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.

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!

Weekly Market Calendar

Source: MarketWatch

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