Watchlist 02/24
Bearish reversal from all time highs
Market
SPY 0.00%↑ QQQ 0.00%↑ sharp reversal on markets with a big selloff on Friday after narrowly making new all time highs earlier in the week. Many leading growth & momentum stocks were sold off. Flight to safety in defensive sectors XLP 0.00%↑ signalling risk off with potential further downside to come. Mostly short ideas with how charts look as of Fridays close, however things can change quickly, and there could be some bounce setups if selling continues and culminates in some gap down panics later in the week
IWM 0.00%↑ notable first close under 200 MA since December 2023
Watchlist
PLTR 0.00%↑ suffered a large selloff on Wednesday after news of planned defense budget cuts as well as the CEO selling more shares. $100 is a key level if it trades under could see move lower to fill the gap around 85-90
NVDA 0.00%↑ reports earnings Wednesday, is always a big one to watch for the general AI theme narrative
SMCI 0.00%↑ the company expects to submit delayed SEC filings by February 25 deadline to avoid Nasdaq delisting, following Ernst & Young’s resignation and appointment of new auditor BDO. Large rally since earnings which could have priced in the good news if they submit filings on time
TSLA 0.00%↑ can continue lower if market does, after breaking the recent daily range on Friday
BABA 0.00%↑ Chinese stocks seem to be unaffected by the recent market drop. However, chart is extended but has held up after earnings
HIMS 0.00%↑ trading lower after the company announced it acquired a U.S.-based peptide facility. Additionally, it was reported that the FDA said the semaglutide injection shortage has been resolved. Reporting earnings on Monday
Crypto
BTC has been consolidation below $100k. Despite BTC not moving much many crypto stocks are extremely weak and on the verge of breakdowns
MSTR 0.00%↑ breaking down from a 2 week consolidation range. Closed right under $300 level on Friday. $285 is the next low from December and this would be making new lows for 2025
RIOT 0.00%↑ has been sideways for multiple weeks and closing below $11 for first time since November. Could see more downside below after it breaches $10
CLSK 0.00%↑ weekly breakdown at $9 level
WULF 0.00%↑ breakdown at $4 level
Quantum Computing
IONQ 0.00%↑ in steady downtrend with earnings on Wednesday. Given current risk off and unwind in speculative names, likely to see more downside after earnings
RGTI 0.00%↑ resistance at $12 for last couple weeks, now watching for $10 level to break down
Do you have any advice on the process of how to start finding good stock opportunities? I don’t find stock screeners being very useful as what shows in the morning scan is not often what moves the most during the day resulting in lot of missed opportunities. Any advice is helpful🙏
Any opinion on nuclear sector? VST and CEG in particular? They seemed to got hit hard on Friday. Potentially to continue sell off and fill up some gaps if conditions are right