Watchlist 01/13
Market in downtrend
Market
SPY 0.00%↑ is now in a short term downtrend, rallies were unable to make new highs since the FOMC selloff day and made a new low on Friday. Shorter watchlist this week as during downtrends in indices there aren’t as many long setups as most stocks follow the broader market.
IWM 0.00%↑ broke recent support and is just above the 200MA. Most speculative stocks fell sharply this week
Quantum sector
During the CES panel event last Tuesday, Jensen Huang just mentioned he loves quantum computing but said not to expect a quantum computer for at least 15 years—then looked at his CFO and added it’s probably 30 years away. Quantum stocks were swiftly cut in half by the following day and the bubble has clearly deflated.
QBTS 0.00%↑ filed an offering in Friday afterhours. Could see further selling back to 4 and 3 levels in coming weeks
RGTI 0.00%↑ further selling in afterhours Friday, potential bounce near $7 or $6 area if short term capitulation action
Bounce ideas
SOUN 0.00%↑ down 4 days in a row, potential bounce near $13 support area from December, also 50MA and lower bollinger band area
AFRM 0.00%↑ similar bounce idea if gapdown/further selling into low 50s
ON 0.00%↑ watching if selloff becomes steeper for a potential capitulation move
Recent earnings
DAL 0.00%↑ recent earnings rally from Friday
WBA 0.00%↑ recent earnings rally from Friday
Misc.
MCY 0.00%↑ insurance company down due to LA fires
META 0.00%↑ SNAP 0.00%↑ rallied on Friday on news that TikTok could soon be banned in the US
Relative strength
A few AI data center/power theme related stocks are showing relative strength during the market pullback
