Stocks To Watch – 8/19/2024

Brief Overview

Hello Traders & Investors,

Scroll down to see the stocks we have on watch this week !

What a wild time to be a trader or investor in the stock market! Just when you think the buyers were exhausted and a crash was imminent we saw a huge recovery. No matter which way the markets decide to go we will be there for the action! Lets take a look at what caused these moves.

Monday was a mixed bag with political tension causing uncertainty over the weekend and software stocks kicked off a rebound after strong earnings reports led by MNDY. Trumps return to Twitter caused DJT to dip and perch on heavy support around $22.55. 

SBUX robbed CMG of their CEO on Tuesday, breathing new life into the health of the beverage titan. 

Bears saw an opportunity early on Wednesday with PPI data but the trap was already in motion as bulls battled back. VSCO followed SBUX by naming a new CEO.

Strong retail sales pulled the markets from the depths as Walmart earnings pushed price action higher on Thursday. 

Gold and Mining stocks hit new highs Friday while housing became a hot topic after a weak plan coming from the Harris Campaign.

Look to last week’s Watchlist for ideas that are still relevant such as:

TTD – “may see resistance $100 – 102.75, a break over that can trigger a much larger breakout towards 105 – 110 – 115. Look for $100 to break, and look for dips to support at $95 – 92 – 90 for potential buy opportunities.”

DOCS – “Look for continuation towards $37 – 38 – 39 – 40 range where DOCS will see resistance. Look for pullbacks into $35 – 32 – 30 for optimal buy opportunities if anticipating continuation to the upside. If DOCS can capture $40 and hold that range, this can get cooking towards $50 within a few weeks.”

PLTR – “If $30 can hold, we anticipate moves towards targets $33.5 – 36.75 – 40. But if $30 struggles to hold, and PLTR finds itself under $29, and a red market comes back in look for downside moves moves back towards $25 – 24 – 22.5.”

HOOD – “Use support $17-16 range. Look for upside targets $19 – 20 – 21 – 22 and a push to recent highs of $24+. This could be explosive with a break over $25 with time we see price $30 – 33.”

Keep an eye on the Retail and Tech this week as we have some big names from these sectors scheduled to report earnings. 

With Chairman Powell set to hold a press conference from Jackson Hole Friday morning, be sure to manage any positions accordingly!

Lets get to our thoughts for the week ahead! ⬇️