Here is this weeks' watchlist. This weeks' stocks include SNAP, PTON, ADBE, ZM, ROKU, AVGO, TTD, LPRO, AVXL, WMT, QQQ, XLI, GOLD, KSS, FSLY, MSFT, AMZN, FB, GOOG, and AAPL. Some of these are better suited for day trades whereas some others are meant for swing trades. Also, with the upcoming election, it may be a smart idea to take smaller positions than normal due to increased volatility.
1. SNAP Inc. (SNAP)
SNAP had strong earnings last Wednesday, which also helped Pinterest and Facebook go up in price as well. This has been a fairly easy name to trade as it has been moving pretty clean. There's probably still more up side and it should gap up on Monday which could offer a dip buy opportunity off the open. Below is the daily chart for SNAP. Under that is a 5 minute chart.
5 min chart:
A perfect break out at the end of the day on Friday on high volume. This should result in continued strength on Monday.
2. Peloton Interactive (PTON)
Peloton has been strong this year and has bounced off its 20 EMA (blue line) the entire way up. Right now, it is showing more signs of support at the 20 EMA, so it is likely to keep going higher but it could chop around for a few days as it has other times. The best odds would be to wait for another retest of the EMA but current price is not bad for a starter position long.
3. Adobe (ADBE)
The chart looks to be repeating what it did in August before running up higher. As long as it doesn't break down and start making lower lows, it's good.
4. Zoom Video Communications (ZM)
Another strong market leader here. It seems to be supporting near its previous break out level around 500 ish but it probably needs more time to confirm the support. Don't think there's any real buy signal yet. On watch for a reversal though.
5. Roku Inc. (ROKU)
Roku has a small gap to fill (yellow area in chart) but that doesn't mean it will fill for sure. It can hold around this price for a few days which may create a buying opportunity after some consolidation. Best setup for bulls though would most likely be if it does fill the gap and then supports from that point on. No position yet.
6. Broadcom (AVGO)
Same idea from last week, chart hasn't changed much. Looking for a retest of the break out for a move higher. Last weeks' chart has a bit more detail on this. AVGO seems to be supporting off the 20 EMA where it has supported before. Currently have a small position and if it goes over 376, we might buy more.
7. The Trade Desk (TTD)
65 minute time frame. Currently trading in a $30 range from about 596 to 626. Since it's in a strong up trend, it will most likely move higher out of the range at some point, but the safest trade right now is to buy near the bottom of the range and sell at resistance.
8. Open Lending Corp. (LPRO)
A strong up trend that usually supports at the 20 EMA.
In the chart below, we drew out the ideal bullish scenario for LPRO. Of course, it won't play out exactly like that, but a similar idea is what we're looking for.
9. Anavex Life Sciences (AVXL)
Most likely will buy a dip near 5.50 tomorrow if that happens, with stop loss under 5.30 and a target of 5.80 or higher.
10. Walmart (WMT)
Looking for another move similar to 2 weeks ago when it broke out. Support just under 143, bull flag break out could happen soon. Currently long.
11. Nasdaq (QQQ) or (NAS100USD)
Cup and handle is forming which is bullish. However, all the big tech stocks that lead the nasdaq report earnings this week, so exercise caution. More on this below.
12. Industrial ETF (XLI)
XLI has a gap to fill above. It is currently retesting a previous break out level. Overall bullish.
13. Gold (XAU/USD)
Gold continues to look somewhat weak here. Keeping an eye on it for potential short plays.
14. Kohls Corp. (KSS)
Trading in a predictable range. Look for short signals near top of the range where it is currently.
Upcoming Earnings to Watch
15. Fastly Inc. (FSLY)
FSLY has entered a support zone after a pretty big drop that was related to them lowering their revenue guidance for Q3 2020. They report earnings after market close on the 28th which may make this trade tricky. Since there was already a major drop in share price for that reason, the upcoming earnings report may already be "priced in", potentially increasing the chances that Fastly will NOT drop on their upcoming earnings report.
16-20. AAPL, FB, GOOG, AMZN, MSFT
These 5 major tech stocks report earnings this week which will move the market, specifically the nasdaq. Of these 5, our favourite set up is Microsoft. Here's its chart below which is very similar to the nasdaq chart above:
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