Stocks To Watch – 4/1/2024
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Brief Overview
Hello Traders & Investors,
Scroll down to see the stocks we have on watch this week 
!
We hope you are having an amazing Easter Sunday!🐣
What a way to start off 2024! With the first quarter in the books, we’ve seen some heavy bullish action as 9 of the first 13 weeks of 2024 were green. SPY went from a low of $466.43 on January 5th to a high of $524.61 on March 28th. We’re ready to see what Q2 has to offer and will remain vigilant to any changes that could indicate a reversal.
Earnings reports will be light this week, however, Fed reporting has a full docket scheduled this week. Be sure to check out the Federal Economic Calendar below so you know what to watch out for.
Recent Winners Tracking
BA…69% from 3/21
RTX…108% from 3/18
CLSK…96% from 3/6
AI…38% from 3/6
SQ…159% from 3/4
HOOD…85% from 3/1
DIS…486% from 2/27
PANW…642% from 2/22
W…139% from 2/22
*Max gain potential on options alerted so far/before expiration.
View all PPP’s alert performance with the Member’s Only Alert Tracker!
Weekly Learning Focus
If you are interested in trading options, position sizing is the most important aspect‼️
(besides risk management)
Sizing is key for options traders to understand. 👀
Check out this simple table we created and have a plan that includes sizing into your positions.
– Sizing should be a part of the trade plan from the start, not randomly or willy-nilly 💯
– Don’t add to losing positions just to add. 👎
– Make sure it’s part of the plan ✅
– Know what you’re doing🎯
Market Brief
S&P 500 ETF (Ticker: SPY) – Daily Chart
Opened last week at: $519.80
Hit a weekly high of: $524.61 on Thurs 3/28
Hit the low of the week of: $518.40 on Tues 3/26
Closed the week at: $523.07
SPY is remaining relatively contained within the wedge but it’s getting tight. Currently sitting in the middle of the wedge, we will be watching the action at Monday’s opening bell for an indication of market sentiment. If we get a pop to kick off the week look for a break and hold over the recent high of $524.61 – $524.75 for confirmation of a possible breakout into blue skies.
However, If SPY starts to slip after the bell look to the $520.25 – $520 levels for support. If $520 breaks and holds, we could see a breakdown to the $515 level before we see more support.
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.
Sofi Technologies Inc. (Ticker: SOFI)
Recently alerted we wanted to add this name to the weekly watchlist because the setup has potential for a break higher these upcoming weeks to months. We are looking at $7 – $6.80 range as strong support. Look for upside targets over $8 towards $10 – $12 – $14 in 2024.
Canopy Growth Corp. (Ticker: CGC)
This weed stock has ripped up these past weeks and made a move over $10 last week. While it may be a chase, we are focused on the extreme volume that has shown up (most all time) Volume is king – so we will be keeping eyes on this one and if CGC can hold $10, look out for higher moves $11 – $12 – $13 – $14 – $15.
Palantir Technologies Inc. (Ticker: PLTR)
The breakout to $30 hasn’t happened and we saw a weak close to end Q1. Look for support at $22 range for potential buy opportunities for a ride back to $25+ and that potential move over recent highs to test $30. The setup still looks very strong, just may take patience.
Rivian Automotive Inc. (Ticker: RIVN)
More of a fundamental idea, but apparently Rivian owners are happy and repeat buyers of the product. With RIVN hanging out around $10, we can use this level as support and potential buy opportunities for long term future growth. Patience is a virtue, and a target of $50 looks possible in our mind for long term position hold. So building a position at this range may prove to be very fruitful in the future.
Planet Fitness Inc. (Ticker: PLNT)
Putting in lower lows and lower highs on the daily chart, this is a name to watch as it comes back up to a former line of support at $61/$62. If action cannot sustain over $62, look for a move back down to test $60 > $58 and the mid $50s zone.
Trump Media & Technology (Ticker: DJT)
Insane moves on this ticker especially after the name change from DWAC to DJT. A volatile one with high risk, but high reward if timing and position is right. This could easily continue to leak down through the $60s > $50s > $40s in coming days/weeks. But if the hype continues to surround this name, it could trap over aggressive shorts sending the price back up through $60s to test the $70s range and even $80 if things get crazy. Worth watching…
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!
Weekly Market Earnings Calendar
Most Anticipated Earnings Releases This Week
Weekly Market Economic Calendar
Source: MarketWatch
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