Stocks To Watch – 8/5/2024
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Brief Overview
Hello Traders & Investors,
Scroll down to see the stocks we have on watch this week 
!
What a wild last couple of weeks we’ve had! Volatility is ramping up as recession fears set in and earnings season in full swing. Mid-July we were watching top names battle for the crown of most valuable company while the last two weeks we’ve seen these same names struggle to hold on.
Buyers seemed to have taken a break through the biggest of earnings reports for the quarter while big tech dictated market sentiment. This lead to a mixed market to start the week with AMD ripping while MSFT was slipping.
Meta’s “flawless quarter” cause the market to pop ahead of FOMC and Chairman Powell’s press conference on Wednesday. This pop was quickly slapped down with buyers getting crushed on big tech results Thursday. The sell-off accelerated Friday with Unemployment rates reaching 4.3% and markets prepare for a rougher than anticipated landing.
With volatility surging to pandemic levels, this Watchlist has never been more important. As sectors heat up and others cool off, it’s incredibly beneficial to have a list of names from different sectors you can refer to and find levels of importance. Lets take a look at some Watchlist names from the last couple weeks that offered viable setups.
NVDA From the 7/22 watchlist this idea indicated the possibility of a downtrend with targets at $113 – 110 – 107 if the price held under $117 adding the possibility of a drop back to the $100 level if tech gets heavy and the market drops due to uncertainty. NVDA held under the $117 level on 7/25 and hit the $113 mark before a move to $110 followed by a slide to 102.50. After gapping up on 7/31 we saw NVDA struggle with the $117 level once again before the big dip on Friday taking this name to a low of $101.37.
JNJ More upside here as mentioned in the 7/29 Watchlist with JNJ staying on top of the $157 support level all week before getting a pop to a high of $164.85 on Friday holding up strong while a lot of the market was failing.
ROKU More downside here as mentioned in the 7/29 Watchlist with ROKU stayed weak under the $60 resistance level hitting downside targets at $55.50 & 53 before falling to a low of $52.95 on Friday. This Idea is still in play with the final target at $51.50 and the possibility of a deeper spill towards $40 with a move under $51.50.
We’re excited to get back to the volatile action and take advantage of the big moves to either the upside or downside. Be sure to set orders accordingly as price action on options could have larger than normal swings.
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Recent Winners Tracking
BA +34% Sent on 7/31
PFE +30% Sent on 7/30
NVDA +43% Sent on 7/26
MARA +45% Sent on 7/25
UBER +216% Sent on 7/23
RDFN +48% Sent on 7/23
ABNB +346% Sent on 7/18
RKT +105% Sent on 7/15
IWM +457% Sent on 7/10
DKNG +49% Sent on 7/5
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Market Brief
S&P 500 ETF (Ticker: SPY) – Daily Chart
Opened last week at: $546.02
Hit a weekly high of: $554.87 on Tues, 8/1
Hit the low of the week of: $528.60 on Fri, 8/2
Closed the week at: $532.90
Last Week…
After getting a mid-week pop , major volatility shook up the market as SPY broke down further under the 2024 bullish trend channel slipping to a low of $528.60 on Friday before closing on support at $532.90. The sell-off on Friday came after unemplyment reports showed an up-tick to 4.3% rasing recession fears.
Bullish Perspective
Currently sitting on support at the $533 – 532 range, bulls will need to come in heavy Monday to keep SPY over this critical level. Look for a gap fill to $540 for a possible test of resistance at the $550 – 549 level.
Bearish Perspective
Bears will want to see a break of the current support under $532 for a test of Fridays lows at $528.60. If selling is strong and we see a break under $528.60 look for a deeper slide with targets at $524.50 – 519 – 512.75 – $511.25 – $505.
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.
Pinterest (Ticker: PINS)
Extreme red week. Will look for continuation to the downside if under $28.90. Will be looking to see if there’s any bounce here which could lead to $30 – 31 – 32 – 33 potentially 34. These prices can be used as rejection plays in anticipation of lower prices. Look for short side targets of $27 – 25 – 23.
Twilio Inc. (Ticker: TWLO)
Strength last week in a red market and thats why this is on the watchlist. We do expect to see resistance at $64, however, if thats broken look for a short term move towards $67 – 68. We could see potentially higher moves into $70 – 75 – 80 test with time if TWLO can build off of those levels. However, if $64 continues to be resistance, and the green fades aways, would watch out for moves back under $60.
Micron Technology Inc. (Ticker: MU)
One of the stronger downside movers has been a falling knife since late June until now. From +150s down to low $90s. Will have eyes on this name to see if any selling slowing down. There’s support in this range from 2021- 2022. Look for low 90s as support but also anticipate a capitulation dive into the 80s to be powerful entries for a potential bounces and a wick to form and move towards upside targets of $100 – 105 – 110 in the coming weeks with any bullish market activity if it comes.
Occidental Petroleum (Ticker: OXY)
This name is on watch because it is at a very strong support zone that has held since 2022, we are interested in these levels. After dipping under $60 last week, OXY closed just above $57.5. With earnings upcoming this week, there should be volatility to play. Look for support $57 – 55 – 54.5 range for optimal buy opportunities. Targets into the end of the year would be a move back over $60 and a move up into $70 in the coming weeks and a potential break over $70 in months. However, if oil prices tumble and support is broken, expect this to see the low $50s.
McDonalds (Ticker: MCD)
Huge candle and impressive volume last week, so will be looking for continuation over $277 to target $300+ in the coming weeks / into end of year. Keep it as simple. Look towards any dips to $275 – 272 – 269 as buy opportunities. If last week’s candle is erased by sellers, this idea is voided.
Taiwan Semiconductors (Ticker: TSM)
Another semiconductor name that has fallen sharply. This one still looks like it can move lower as support from 2021 – early 2022 has not been hit yet. If there is continued weakness in the semi market, look for TSM to reject $150 – 160 range and head lower towards short-side targets $140 – 135 – 127.5 – 125 – 120.
Chewy Inc. (Ticker: CHWY)
Sitting on critical support level. Look for the $22 area to provide support for a retest of higher levels at $23.25 – 24.25 – 26 – 26.80 – 27.50 – 28.
Canopy Growth Corp. (Ticker: CGC)
We like the idea of a setup here for a bounce off the $6.25 support level. Then from a fundamental perspective, this sector has had a bid since the VP announcement for Trump. Use $6 and $6.25 area as support for this next leg up. Targets at $7.15 – 7.60 – 8 – 8.50 – $9 – 9.50 – 10 in the big picture.
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
Weekly Learning Focus
While it’s imperative to manage risk and cut losses, you want to give yourself wiggle room to avoid gettin stop hunted. 👑
When you enter a position put your stop at a price where you know you are wrong. 💯
Essentially, you want to enter as close to the stop, or the “fire” as possible. 🔥 🔥 🔥
Bad entries get burned often, be patient and strike like a sniper 🎯
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