Stocks To Watch – 11/27/2023
Brief Overview
Hello Traders & Investors,
Scroll down to see the stocks we have on watch this week 
We’re back to another Weekly Market Brief & Watch List
Trending upward into the end of the year, the SPY is getting close to recent and all time highs. These levels will be key as we analyze market sentiment going into the week.
We will see earnings from some notable names with PDD, CRWD, DLTR, SNOW, CRM, TD and DELL all scheduled to report this week. We will also be on the lookout for Fed reports on home sales, GDP and Job claims to have an affect on the market. We will also hear from Fed Chairman Powell on Friday.
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Recent Winners Tracking
Z…31% from 11/17
CVNA…34% from 11/7
M…88% from 11/7
CRM…130% from 11/3
MARA…37% from 11/2
AAPL…455% from 10/30
GOOG…303% from 10/24
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Weekly Learning Focus
When looking to find significant support & resistance levels to trade – make sure you understand these 4 tips. 💯
1 – Look for the number of times price tests the s/r levels. This can lead to the breakout move being a stronger move as buyers and sellers will notice this over time and will be ready to jump on the breakout move. ✅
2 – Look at prior price movement. A fast or sharp move or uptrend will be met with strong competition once it his resistance. Buyers can get exhausted and buying could be stopped quickly. This is opposed to a slow move which might not attract as much attention. ✅
3 – Look at volume at certain price levles. These levels with high volume are remembered by traders and will be prone to use them again. When strong activity happens on high volume and price falls at resistance, a lot of selling can occur. ✅
4 – S/R zones will be more significant if the levels have been tested over and over for an extended period of time. So make sure to take a look at weekly and monthly charts to help notice this.
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Market Brief
S&P 500 ETF (Ticker: SPY) – Weekly Chart
Opened last week at: $450.53
Hit a weekly high of: $456.38 on Wed 11/22
Hit a weekly low of: $450.52 on Mon 11/20
Closed the week at: $455.30
The SPY continues to run to the upside as we get closer to the end of the year. If things continue and bulls maintain control. We will likely see a test of July highs. If the SPY is able to break over this level and hold, Be on the lookout for a test of all time highs of $479.98 in the coming weeks.
However, If the SPY gets heavy look for a test of support around $446. If this level fails and bears take over control, look for a possible slip to the $437.50 level in the coming weeks.
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.
Coinbase Global Inc. (Ticker: COIN) – Daily Chart
Support levels/range for COIN – $100
Marathon Digital (Ticker: MARA)
Support levels/range for MARA – $10
Riot Platforms (Ticker: Riot) – Daily Chart
Support levels/range for RIOT – $11
All of these names will be on watch for further moves to upside. Will be watching the Trading Room Scanners and will be using BTC price action as guide. If BTC moves up, look for these to move up as well. If BTC is falling, be patient and wait for moves to support levels.
Unity Software Inc (Ticker: U) – Daily Chart
With volume picking up we want to keep our eyes on U for a bullish breakout in the comings day. Look for support in the $28-27.5 zone. Anticipate a breakout over $30 for a quick move to $32.5 zone. There is room for much more upside. Will be looking out for $U in the Trading Room Scanners for confirmation
Affirm Holdings Inc. (Ticker: AFRM) – Daily Chart
Been on the move lately, and there could be more bullish moves in store, so we want to keep this one in our sights. If $27.5 can hold look for a move to a $30 test. A breakout over $31 could possibly create a squeeze move to test $40. (20% short float!) However, be careful if trend reverses under $25 as a move to $20 could be revisited.
Alibaba Group (Ticker: BABA) – Daily Chart
A bears dream right here, Bear flag on the 4 hour chart as well… However, is it time to cover? Or is a move back into the $60s going to happen? Strong risk:reward to the longside using the recent low of 75.5 range as support/stop. The chart is looking weak and BABA needs a catalyst and buyers volume for bulls to want to join in. If $75 does break, we may anticipate a move back to $70-60.
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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