Here's this weeks' stock watch list. The stocks to watch are: QQQ, INMD, SEMR, CRCT, DG, and SQ. Good luck to all!
Note: If any charts are too small to see, you can click on them to see the full image.
1. Nasdaq ETF (QQQ)
A lot of eyes are on this right now. QQQ starting to break down a bit here, trendline support broken and 9 EMA is pointing down. There's still support in the mid 350's and at the trend line below but it wouldn't be a bad idea to hedge long positions by using QQQ as a short with all-time highs as stop loss. Looking for a small bounce to short into.
2. InMode (INMD)
INMD gapped up last week on positive earnings news. It pulled back on low volume but now it looks like it's bouncing higher, closing above the high of the recent red candle on slightly higher volume. Expecting a retest of highs, invalidated under $100.
We have a long-term position in INMD which you can read about here.
3. SEMrush Holdings (SEMR)
SEMR hanging around trendline and 50 SMA support. If it's going to bounce, it should bounce around these levels sooner or later. A close under 18.85 would be bearish.
4. Cricut (CRCT)
CRCT consolidating right now. Watching for a break in either direction. If it starts curling down it'll form a head & shoulders. Support in low-mid $31's, resistance $35 ish.
5. Dollar General (DG)
Weekly timeframe inverse head and shoulders is very close to breaking resistance. Ideally we want to see it consolidate for a few weeks before breaking out but it may not wait that long. We have a long-term position. Breakout target would be about $250.
6. Square (SQ)
SQ chart overall doesn't look pretty. Looking for SQ to roll over for a short position using the recent bounce highs around $247 as a stop loss. No position as of right now.
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For almost a year now, we've been posting stocks to watch every single week, and we hope we've helped many people find interesting charts to trade!
Unfortunately, we will not be doing these watch lists every week anymore. The reason for this is that we want to focus more on educational content, potentially creating useful products, and doing more due diligence (research reports) on stocks.
We will still do some watch lists, but they will only be done once in a while when there are great setups to watch. Thanks again to everyone that reads our watch lists! Happy trading!