Stocks To Watch – 2/12/2024
Brief Overview
Hello Traders & Investors,
Scroll down to see the stocks we have on watch this week 
!
Congratulations to the Kansas City Chiefs for defeating the San Francisco 49ers in Super Bowl LVIII!
Another strong week in the market with earnings on SPOT and PLTR keeping things interesting. We have a feeling it’s going to be a hot week now that the SPY has crossed over that $500 psych level. We’ll also see earnings from some notable names such as KO, SHOP, DDOG, SONy, OXY, DKNG, COIN, & ROKU all scheduled to report.
Recent Winners Tracking
AMZN…56% from 2/8
GOOGL…63% from 2/6
APP…53% from 1/30
CVS…149% from 1/26
SMH…96% from 1/25
MARA…250% from 1/23
SHOP… 187% from 1/19
CAT…756% from 1/18
PYPL…118% from 1/9
LVS…34% from 1/3
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Weekly Learning Focus
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When you enter a position put your stop at a price where you know you are wrong. 💯
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Market Brief
S&P 500 ETF (Ticker: SPY) – Weekly Chart
Opened last week at: $493.70
Hit a weekly high of: $501.65 on Friday 2/2
Hit the low of the week of: $490.23 on Wednesday 1/31
Closed the week at: $501.20
The SPY crossed over the $500 mark this week on its exploration of new highs. After reaching a high of $501.65 on friday it settled at the $501.20 mark to end the week. If the SPY is able to break over the $501.65 level the sky is the limit. We anticipate seeing more highs throughout this election year. Look for $501.65 to hold strong for confirmation of more upside.
Inversely, If the SPY is not able to regain the recent high, we could see a pullback in the coming week. Look for a break under support the around $494.40 area. If this level breaks to the downside we could see a further slide to test the $482.50 level.
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.
Meta Platforms (Ticker: META)
Last week we saw consolidation at all time high levels. If market stays strong, look for META to keep breaking out. The strength is undeniable so we will be keeping eyes on this ready to ride higher if the price action stays bullish. Look for these support levels to hold $460 – $452.5. Look for the breakout level of $476 for a test to recent highs of $485.96. $500 could come quick if these levels are broken. On the contrary, if META loses $450 downside levels might come quick too if market sells off.
Coinbase Global (Ticker: COIN)
Watching breakout potential here, making sure to follow BTC price action. If BTC is continuing to move up, we like COIN long with a target of $150+. Ideally, we also want to see the $135 level hold strong.
Marathon Digital (Ticker: MARA)
Watching breakout potential here, making sure to follow BTC price action. If BTC is continuing to move up, we like MARA long with a target of $30+. Ideally, the low $20s become support and can present excellent buy opportunities if BTC moves up a leg.
Advanced Micro Devices (Ticker: AMD)
This popular chip stock is trading in a symmetrical triangle, flagging just off all time highs. This could easily push higher with markets breaking out at all time highs and favorable tech sentiment. Look for $170’s to hold for a move to the $175 zone as a possible breakout area to retest the $180’s. If there’s selling pressure, the $168.50 area is a spot to keep an eye on to the downside, where this could quickly be retesting $165 > $160s quick.
Tesla Inc. (Ticker: TSLA)
After the sour Monday action last week, this saw a considerable buying trend on the tape and a move back to the $190s. If the market continues to show strength, this could retest the mid $190s for a break into the gap zone through $200 to $207. However, if action stalls out here, this could find itself back in the $180s/$170s area, needing more time before making a move back to the upside.
We have 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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