Stocks To Watch – 12/30/2024
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Brief Overview
Welcome back to this week’s Stocks to Watch! We hope you all had a great Christmas! If you’re like us, you’re ready to get back to the action and see what the Market will bring in to the new year! With half of this week in 2024, we’re ready to get the most out of the time we have left. With the other half in 2025, we’re excited to start the new year with a bang! This is a big week, you won’t want to miss it! Reminder: The market will be closed on Wednesday Jan 1st for the New Year holiday.
Let’s take a look at how last week played out.
Markets kicked off the week with modest gains as holiday cheer spilled over. The Nasdaq climbed 1%, with the S&P 500 up 0.7% and the Dow barely budging at 0.2%. Tech stocks like Broadcom led the way, thanks to some upbeat analyst takes. A nice way to start a short trading week!
Consumer confidence took a hit in December, dropping to 104.7 from November’s 112.8. The decline hints that people are feeling a little more cautious about what’s ahead for the economy in 2025. Not exactly the news we wanted right before the new year.
Markets took the day off for Christmas, giving everyone a breather to enjoy the holiday vibes.
The U.S. dollar flexed its muscles, climbing higher on bets that the incoming administration’s policies could pump up growth and inflation. Trading was light, but the dollar index hit 108.25, signaling optimism about where the economy’s heading.
Treasury yields stayed stable after a strong 7-year note auction showed solid demand for U.S. government debt. Even with recent Fed rate cuts, investors are clearly still into the safety of Treasuries—a steady end to a quiet holiday week.
Last week wrapped up the holidays with modest market gains, a bit of a wobble in consumer confidence, and a strengthening dollar. Investors seem cautiously optimistic as we close out 2024, with plenty of eyes on what the new year will bring. Let’s hope the good vibes carry over into January!
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Recent Winners Tracking
WULF +63% Sent on 12/11
LMND +92% Sent on 12/10
NKE +35% Sent on 12/2
JD +143% Sent on 12/2
AAL +139% Sent on 11/29
CMG +73% Sent on 11/26
IWM +151% Sent on 11/21
RIOT +43% Sent on 11/20
BABA +30% Sent on 11/19
OUST +284% Sent on 11/18
CCJ +115% Sent on 11/15
AAPL +691% Sent on 11/13
*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: $590.89
Hit a weekly high of: $602.48 on Thursday 12/26
Hit the low of the week of: $587.66 on Monday 12/23
Closed the week at: $595.01
Last Week…
Making a partial recovery after last weeks dip, SPY was able to climb back over the $600 psych level just in time for Christmas. The holiday euphoria quickly wore off as SPY pulled back to the $590.50 support area on Friday catching a slight bounce to close out the week just over $595.
Bullish Perspective
Bulls would like to see the bounce continue for a possible retest of the $600 psych level. If SPY can get over $600 and hold, watch for resistance at the $601.50 – 602.60 range for possible targets at $605.50 – 607.80 and a possible test of ATH of $609.07 and beyond.
Bearish Perspective
Bears will want to see SPY sink down for a test of recent support around $590.50. If support fails to hold, we could see a deeper slide to test last weeks lows around $586 and possibly deeper if SPY gets heavy into the new year.
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.
Mobileye Global Inc. (Ticker: MBLY)
Closed last week strong, over $20, leaving a full body green candle on the weekly chart. We will have eyes on MBLY for continuation over $20, while looking for potential dip buys at $18 – 17 range. There’s a lot of shorts packed into this ticker that may have to cover. So in theory, if it can base out and hold $20 look for upside targets $21.2 – 23.5 – 24 – 25 – 26 in the coming weeks.
Boeing (Ticker: BA)
Boeing will likely be in the news this week, on the negative side of things. This could potentially cause a move back down. BA has been a great trender in the end of 2024, and price action is getting tight. Look for potential break in the trend to pull BA back towards downside targets of $175 – 170 – 165 – 162.5 – 160. However, if BA shakes off the news and it wants to keep trending, a move over $182.57 could lead to $190, and a move over $190 could lead to $200. So keep eyes on the last high of $182.57.
Oklo Inc. (Ticker: OKLO)
Keeping eyes on OKLO and a few important price points. OKLO has been holding gains quite well, and could be inline for larger upside if it continues to hold. We will be looking for potential dips to $22.5 – 21.5. With these dip levels, we will be targeting the psych level $25 – 27 – 28. A move over the October high of $28.12 would lead to blue skies where it could really run into the $30s and beyond with time. Look out for moves under $20 to shake out longs.
Phunware Inc. (Ticker: PHUN)
This is a lower priced small cap stock with potential to turn to the upside. Keep it simple with this one, look for $5.25 – 5 to hold. If it doesn’t ignore it until $5 reclaims. We will be looking for PHUN on the Trading Room Scanners for strong volume to come in. This name can rip up quickly. We will be watching the $6.15 mark to break to upside and if that happens, and we see PHUN volume, we anticipate upside targets $7 – 8 – 9 – 10 – 11 – 12 in the coming weeks.
Rumble Inc. (Ticker: RUM)
Big time ripper last week, all over the scanners, very impressive. Surely there should be some profit taking at these levels as there has been in the past. However, times have changed and we will be looking for dips to buy this with anticipation that it’s not finished. We have this idea that it’s hunting for new all time highs which sit at $18.52. Over this will likely bring RUM into the $20s to $25 in the next leg up. $12.5 is a dip zone spot we are hoping to see to join in on the action. Beware of a move under that which may stall momentum bringing it down to $10 range.
Las Vegas Sands Corp. (Ticker: LVS)
Keep this one simple, it’s a weekly bull flag. It’s holding the trend nicely. We like $50 as strong support and we do anticipate it holding. With a potential buy at $50 look for upside targets in the coming weeks – months of $54.25 – 56.5 – 60 – 65. If $50 fails to hold, a move to $48 – 47.5 will probably hit, especially in a selling market scenario.
Dollar Tree Inc. (Ticker: DLTR)
This could be set up for a huge reversal into 2025. Set an alert on your charts for price action over $77 to hit to send DLTR up to $84 – 99 in the coming weeks – months. It really is that simple. DLTR may have bottomed out this year, and even if the overall market takes a step back and sellers step up DLTR may ignore the selling and move up, fundamentally. However, would not be comfortable being long if DLTR loses $68 support on a weekly close.
Carvana (Ticker: CVNA)
We have seen a price reversal from the .707 fibonacci level (based on all time highs – all time lows) This level was $267.5. CVNA has retreated back to $215. CVNA most likely finds support at the .5 fib level at $190. So if long, would be cognizant of that. So, if looking to buy CVNA on a dip, 215 is a potential bounce zone, but would ideally want to wait for $190 range to hit. If looking to short CVNA look for $225 – 235 for prime entries to enter a bearish position, and/or see $215 to lose support.
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 Continued Watch
Ideas from last week’s Watchlist that are still relevant this week
Geo Group Inc. (Ticker: GEO) – “Look for support at $27.5 – 25 range. Look for a potential move to $30 into all time highs test and possible new blue skies. Could be a strong investment in 2025 and could be strong during the Trump administration especially if $25 holds strong.”
Samsara Inc. (Ticker: IOT) “Looking at $42/$40 for a support where previous resistance becomes new support. Look for bounce back targets at $46 – 48 – 50 – 52 – 54 with all time highs back over 58.”
CVS Health Corp. (Ticker: CVS) “Use the $45/40 range as support for a bounce back up to the $50 level with further moves to $53 – 56 – 60 possibility. If action cannot hold $40 a move to $32 could be in the cards in the big picture.”
Chipotle Mexican Grill Inc. (Ticker: CMG) “Potential “dip” buy opportunity if the $60 level holds. This could be poised for a pivot back to $65 -67 – and all time highs just over $69. Look for 60/57.50 as key support for this current uptrend. A break under 57.50 leaves range to 55 – 52.50 – ultimately 50/47.50 zone.”
Ideas from last week’s Watchlist that worked out well but were not alerted.
Quantumscape Corp. (Ticker: QS) – “Perpetual downtrend that could have cemented a strong bottom at $4.50/5. Watch for action and volume to come in for a break back to upside targets at $5.50 and potential breakout to test $6 – 6.50 – 7.”
Plug Power Inc. (Ticker: PLUG) “Lower priced name seeing a bit of flagging above the $2 level. Look for this clean energy name to breakout over 2.60 to targets at $2.90 – 3.50 – 4 – 5 in the big picture. No interest if trades back below 2.20/2.”
Weekly Market Earnings Calendar
Most Anticipated Earnings Releases This Week
Provided By: Earnings Whispers
Weekly Market Economic Calendar
Source: MarketWatch
Weekly Learning Focus
Here’s a breakdown of various day trading strategies that are common during each trading session. 👀
Bell/Open Trading 🛎️ Quick trades here, can be very volatile but traders can catch really strong bounces to both bullish/bearish sides. These scalp trades happen in the first 30 minutes of market open. Timing is critical!
Momentum Trading 💥 Catch breakouts as momentum builds, look for bounces off strong support levels or fails off strong resistance levels. Watch for premarket levels to be broken and atch for trends to form and volume pick up for powerful momo.
Reversal Trading 🔃 After the morning momo slows, look for breaks in trends that are confirmed by not reclaiming the trend, leading to excellent opportunites to catch intraday fades / or reversals to the upside.
Range Trading 🤖 Play smaller moves later in the session as volatility slows down. The moves might not be large all of the time, but can often be predictable, less risky, if and when the price bounces off support / resistance levels cleanly.
Power Hour Trading ⚡ The volatility picks up as well as volume in the final trading hour of the day. Traders can take advantage of strong, swift movement as the market moves towards closes and traders exit and enter positions.
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