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Stocks To Watch – 11/6/2023

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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 

What a week for the SPY as it crawled back from the depths of the low $400s. We’ll see if it can hold this momentum going into the week. With the schedule packed with earnings once again, we will be in the lookout for reports from big names to have an effect on the market. 

We’ll also likely see a lot of action influenced by Fed Chairman Powell who is scheduled to speak twice this week as well as reports on the U.S. trade deficit. 

Recent Winners Tracking

AAPL…111% from 10/30
from 10/24
PLTR…73% from 10/18
from 10/16
from 10/12
from 10/12
from 10/10
RTX…307% from 10/9
X…34% from 10/5
PYPL…165% from 10/4
*Max gain potential on options alerted so far/before expiration

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Market Brief

S&P 500 ETF (Ticker: SPY) – Daily Chart

Opened last week at: $413.56
Hit a weekly high of: $436.29 on Fri 11/3
Hit a weekly low of: $412.22 on Mon 10/30
Closed the week at: $434.69

After a big week of earnings and Fed reports, the SPY was able to catch a $21 bounce making its way back up to the $434 level to end the week. If bulls maintain control, look for the $437. 50 level to break and hold for confirmation of a possible move up to test the $444 level. 

However, if the market gets heavy look for support around the $430 level. If support fails we could see a move back down to $425-$420 levels.

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.

Uber Technologies (Ticker: UBER) – Daily Chart

A strong run up on Uber the last few days. Now coming into a resistance zone just under $50 that’s been a big spot since September 2021. With earnings around the corner on Tuesday, this could be a breakout or breakdown candidate. If $49/$49.50 start to gain steam a breakout is possible over $50. If $47/$46 start to test to the downside, a move back to mid-lower $40s is likely if $45 does not hold.

Apple Inc. (Ticker: AAPL) – Daily Chart

Been nailing the pivots well on this name for the last few weeks. A couple big volume days after earnings has this ripe for a possible breakout over $178. This could test the $180’s if tech trends bullish. If action starts to exhaust out under $180, a move back down to test the downside of $170’s and $160’s is possible in the current channel/trend. $173.50 could be a trigger area for a bigger move down.

Roku (Ticker: ROKU) – Daily Chart

Having a strong reaction to earnings, this name is quickly finding itself in overbought territory. There is room to $90/$100 test in the big picture if buyers/volume can sustain. $86 becomes a big spot to the upside for that possible breakout and test of $88/90 area. Alternatively, this could retreat quickly if sellers overpower, similar to last earnings call in July. $85 could develop into an over/under spot, with a break under $80 being a trigger for a larger move back to low $70’s/$60’s.

Boeing (Ticker: BA) – Daily Chart

Having a decent reaction to earnings the last few weeks. Coming into a critical $200 spot which was resistance last attempt to breakthrough. Look to the recent high over $197 to give weight to a possible breakout attempt. Otherwise, under the $194 area this could find a quick retreat back to $190 test and the $180’s range.

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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