Stocks To Watch – 4/29/2024
Brief Overview
Hello Traders & Investors,
Scroll down to see the stocks we have on watch this week 
!
We saw a lot of ups and downs last week with Tesla reporting weak earnings but good news regarding their affordable EV model and Spotify reporting record profits giving a nice pop to start the week. This was short lived as META reported strong earnings but some not so great news with the report of how much they will invest in AI.
In other news, The U.S. signed a $95 billion foreign aid package that included a ban on TikTok and Google surpassed the $2 Trillion valuation mark.
Another packed week of earnings on deck for this week with some market movers such as AMZN, AMD, SMCI & AAPL as well as some notable names like MMM, PYPL, PFE, MRNA, WING, SQ & DKNG all scheduled to report. We’ll also hear from Crypto names RIOT & COIN.
Keep a close eye on your wallet on Wednesday as we’ll get FOMC interest-rate numbers as well as a press conference from Chairman Powell. We’ll also see trade and employment numbers coming in later this week.
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Recent Winners Tracking
SNAP…68% from 4/18
UBER…55% from 4/18
LMT…30% from 4/15
MARA…57% from 4/12
AAPL…103% from 4/10
TSLA…40% from 4/8
CGC…107% from 4/3
PLNT…79% from 4/2
RBLX…38% from 4/2
ABNB…81% from 3/27
BA…69% from 3/21
*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
Breakouts can be super simple. Break it down into a 3️⃣ part strategy. Being patient and waiting for the key levels to trade can vastly improve your entries and exits.
pt i – the setup 👀
– ascending triangle pattern with decreasing volume into established resistance
pt ii – the breakout ⤴️
– price pushes thru resistance with strong volume!
pt iii – the confirmation ✅
– past resistance becomes new support after pullback and gathering support. Can use this level to anticipate a higher-high move.
We like anticipating bounce at retest of past res / supply to catch move to the upside targets of previous high / or higher high. Look for strong volume.
Market Brief
S&P 500 ETF (Ticker: SPY) – Daily Chart
Opened last week at: $497.83
Hit a weekly high of: $509.88 on Fri 4/26
Hit the low of the week of: $495.43 on Mon 4/22
Closed the week at: $508.26
SPY caught a bounce this week off of the $495 support level making its way back into the $500s before chopping around between $497.50 – $509.88.
Look for bulls to try and maintain control to start off this week. If SPY is able to break and hold strong over the $510.80 level (20 & 50 SMA) we could see more upside to test $515 – $520.
However, If bears smell fear we could see a test of the bottom trend around the $502 level. If this trend fails to hold we could see a further breakdown to test recent lows at the $493.86 mark.
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.
Carvana (Ticker: CVNA)
Ripping up again after a good gap support test just over $66. This could see a continuation move with earnings on tap this week, especially if the $86/$87 level gives way. A bigger picture view might have this testing the $100 level. Reminder, earnings will definitely force the sentiment either way here.
Robinhood Markets Inc. (Ticker: HOOD)
Holding well after a pullback from a recent $20’s range test. Look for a breakout through the $18 level if buyers want to take this higher. Good support guide off of $16.50/$17 for a long setup. Worth noting earnings in a couple weeks.
Affirm Holdings Inc. (Ticker: AFRM)
Not the prettiest long setup, but worth stalking this for a bigger picture reversal. Putting in continuous lower highs and lower lows all year, this could be setting up for a reversal. Look for upper test of the $34 – $36 levels for a bigger picture move to retest the $40 spot. Worth noting earnings in a couple weeks.
Trump Media & Technology (Ticker: DJT)
Worth putting on watch again as this should provide ample opportunity. If $40 bases, look for a continuation squeeze to the $45 – $50 level, even more if shorts are really stuck. If $40’s get heavy look for price action to break $40 to test downside levels at $37.50 – $32.50 and ultimately $20’s.
Roku (Ticker: ROKU)
A bad earnings reaction last week, this could be poised for putting in more lows as it trades near a big bottom support line at $55 – $52 area. If these levels crack, than this will certainly be testing the $50 and the $40’s range. However, this could be a shake out for a reversal back up through $60 – $63 upper resistance. Unbiased heading into the week.
iShares Silver Trust (Ticker: SLV)
Putting in a defined range between $24.50 – $25.50. Look to use those levels as a guide for a breakout of breakdown trade. With gap levels on either side.
Snowflake Inc. (Ticker: SNOW)
At a critical spot for a breakout if $160 can get through, this will be testing the $160’s range for a $168 – $170 target. Look to $152/$150 as support. If this goes back under $150, then look for a retest target of the recent low at $144.
Paypal Holdings (Ticker: PYPL)
Back on watch this week, flagging well over $62. If $68.50 falls as resistance, then look for a gap fill target to $72.50 and then recent highs over $76.50. Earnings this week, so this will be volatile.
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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