SPY to 500? And 4 New Tickers to Trade
A look at markets as well as opportunities in DKNG, UPST, TWLO, & FTNT.
You might remember the chart I shared foreshadowing a move higher for SPY and the markets in general.
If you don’t, here it is…
Jan 15th -
“I think we might be setting up for big moves higher and SPY gave us hints of why last week.”
“And I think QQQ is targeting its recent high of 412.92 which could happen sooner than you might expect. All of this to say, I have a bullish lean which is definitely more enjoyable.”
We had a great week last week and there is still room to run before SPY hits 500, which seems to be where it is headed.
After a strong 2023 it might seem impossible, but one of the beautiful things about the markets is nothing is impossible. Nothing.
And so we got the new highs and bullish momentum just like the charts told us we would.
While it might seem like a long way off, the 500 level is only a move of about 3.5% higher from Friday’s close.
I would not be surprised to see a push that comes up just short, hitting about 490 before reversing and consolidating lower like we did August to October of 2023.
This might seem obvious but as a trader, it is important to understand both market sentiment as well as whether the stocks on your watchlist move with the markets or not.
For example, SOFI is a popular ticker and has many long term bullish fans. You will find it in the financial sector, but it sure doesn’t move like the financials do.
There is nothing wrong with trading a stock that doesn’t move with its peers or with markets in general. It is just important to understand.
When you do have a ticker that moves with its peers, sector, or markets in general, you can use that information to your advantage.
And that brings me to this week’s trade ideas. Four tickers that are setting up nicely for clean trades and if they make the right moves, we can see some nice profits.
In the near term I think it’s likely we will see short oppotunities in both UPST and DKNG while TWLO and FTNT look set to move higher.
Let’s get to trade ideas for all four, including when to get in and out of each.
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