Stocks To Watch – 9/9/2024
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Brief Overview
Hello Traders & Investors,
Scroll down to see the stocks we have on watch this week 
!
What a week we had following the Labor Day Holiday! September is off to a heavy start as we get close to the Presidential Election. With the first debate scheduled for Tuesday this week, we will have eyes on the market to see how it reacts to this historic event.
Let’s take a look at how last week unfolded.
NVDA fell 10% on Tuesday as reports of a government investigation into AI anti-trust allegations escalated. Crude oil also got rocked sending it into the negative territory.
Wednesday was a mixed as C3.AI dipped after reporting earnings and Celsius broke through support into new lows post-split.
Thursday was another mixed day with TSLA gapping up and catching buyers attention after Elon’s remarks on the timeline of their full self-driving technology.
Markets took a big hit Friday with the S&P 500 marking its worst week since March of 2023 and the Nasdaq 100 recording its worst week since 2022.
Now let’s get into the week ahead!
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Recent Winners Tracking
TSLA +176% Sent on 8/30
CAT +32% Sent on 8/29
GOOG +169% Sent on 8/23
JPM +32% Sent on 8/20
MCD +185% Sent on 8/14
TSLA +184% Sent on 8/8
AI +153% Sent on 8/7
BA +34% Sent on 7/31
PFE +30% Sent on 7/30
*Max gain potential on options alerted so far/before expiration.
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Market Brief
S&P 500 ETF (Ticker: SPY) – Daily Chart
Opened last week at: $560.47
Hit a weekly high of: $564.39 (premarket) on Tues, 9/3
Hit the low of the week of: $537.86 (after hours) on Fri, 9/6
Closed the week at: $540.36
Last Week…
Bears hopped back in the driver’s seat last week with SPY falling from near all time highs on Tuesday in the short 4 day week before sliding under the 50SMA Thursday & Friday closing at $540.36. With PLTR and DELL being added to the SPY last week, we will be interested to see where things go from here.
Bullish Perspective
Bulls will want to see $540 – 535 hold for a possible bounce back to $549 – 550 resistance. If SPY can reclaim the $544.50 level look for a test of $550. If the $550 level holds strong, look for upside targets at $554.75 – $560 – 563.75 – 565.16 (all time highs).
Bearish Perspective
Bears will want to see SPY slip deeper into the depths with a break under the $540 level. If $540 breaks to the downside look for possible support to break under the $537 mark for deeper targets of $532.75 – 528.50 – 523.75.
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.
MongoDB (Ticker: MDB)
Has held it’s move post earnings in August, where it launched from the 240s up to a high of 294.82. We like the strength this has shown. Here’s our plan for MDB. Keep it simple and look for short term support $275. If $275 breaks to downside, we can anticipate a possible move back towards $270 – 260. If you do see this at $260 that could be an excellent spot to add for potential bounce plays. However, MDB is a strong breakout candidate if the latest high (294.82) is broken. Look for volume to lead the way for potential upside towards these targets: $300 – 309 – 320 – 333+
Upstart Holdings Inc. (Ticker: UPST)
After a torrid move in August, UPST puked the gains in September. UPST moved from a high of $45.71 and closed this past week at $34.40. There could be nice opportunity for bears after seeing this volatility. If market is bearish look for more downside to $32 – 30 -27.5 However, if you notice UPST holding the $32 – 30 level, look for potential moves back towards $35 – 37 – 40. Bulls want to see a higher high here, essentially a move back to August highs, and a move to $49 – 50 would be ideal for bulls (Jan 2024 high), as they will be looking for a breakout over this level to have reason to hold this stock. However, that level will surely face more selling. But a beware of a breakout over that could send it on a squeeze in the right scenario.
Nvidia Inc. (Ticker: NVDA)
Keeping this one simple. We see big potential. Selling has taken this name back towards $100. And what we will be looking for this upcoming week is the $102.5 level. We want to see this spot hold, and we will likely be buyers. If under $102.5 prepare for $100, and possibly lower $97.5. But we see an excellent risk:reward if $102.5 holds. Short term targets $105 – 107.5 – 110 – 117 – 125.
Coinbase Global Inc. (Ticker: COIN)
This has been absolutely hammered. This week $160 support broke and COIN slipped down under $150 closing the week a full body red candle. Look for continuation to the downside under $146.12 potentially a bleed to a $125 target. This can also bounce if BTC shows strength. If this happens, look for a move to $160 to show major resistance, unless BTC is ripping faces and if thats the case, COIN can bounce nicely rather quickly, towards $175 – 190. But the way the chart is setup, bulls will be praying.
Tesla Inc. (Ticker: TSLA)
Great call on this a few weeks back and we are looking to see how price reacts in the same area after a strong Friday pullback. $200/202.50 is the higher low we would want to see hold to keep the current uptrend intact. Plenty of range so ideal name to scale into over a few days . $235 is the breakout trigger to the upside.
Boeing (Ticker: BA)
Having a rough go of it, this could be a falling knife to $150 and even $140 if buyers don’t come in. Seems like non stop bad news for this company. Look for a mean reversion in case heavy selling persists to those levels. If $160 reclaims, this could be a great buy the dip opportunity to retest $170 – $180 areas in the short term.
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!
Last Week’s Continued Watch
A lot of the ideas from last week’s Watchlist are still relevant this week such as:
RDFN – “If Bulls hold $9 look to upside moves towards 10 – 10.5 – 11 – 11.75. RDFN could really see some upside if there’s a move over $12 to $14-18.”
PINS – “If $31 fails, would expect to see a move to $30 quickly, and could see a bleed into the high 20s.”
BABA – ” bulls really want to see $80s hold, and all moves into $79 bought up if they come to feel comfortable with holding a long position.”
GME – “this is now over a key level in $23. Watch for a continuation move back through the $20 range for possible upside breakout to $28 – $30. Volume will be the tell in both the stock and option chains.”
Weekly Market Earnings Calendar
Most Anticipated Earnings Releases This Week
Weekly Market Economic Calendar
Source: MarketWatch
Weekly Learning Focus
For consistent trading success – it’s important to have a strong 🦾 grasp on supply / demand when entering & exiting trades to have a chance at securing maximum profits 💰 with strong risk management backed by true technicals. 💯
Traders that understand supply / demand levels are able to find high probablility setups & Rally-Base-Rally & Drop-Base-Drop are basic patterns of supply / demand. So we think this is a helpful technical analysis infographic for traders wanting to learn more 🧠
➡️ Demand zone is the price area at which the traders usually buy. This area is present below the current price, where the buying interest or potential is the highest.
➡️ Supply zone is the price area at which the traders usually sell. This area is present above the current price, where the highest selling interest or potential.
Utilizing volume 📶 is a must & can help traders identify 🔎 when the breakout is happening or confirmed. Volume precedes price! 🏆
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