The markets are taking a breather, and that’s a good sign for us as traders! Lets dig into the stock watchlist! With the QQQ, SPY, and IWM experiencing a couple of pullback days, we’re seeing potential setups shaping up nicely. If we get another dip tomorrow, that might create strong trading opportunities. Our stock watchlist is indepth and some stocks are ready to and some need a few days to setup. Here’s our breakdown of the market and our top watchlist stocks to keep an eye on.
Market Overview
- QQQ: The QQQs have had two down days. If we gap down tomorrow, this could be setting up for a long entry, as three consecutive down days often lead to a bounce. While the structure is strong, we’re definitely in overbought territory.
- SPY: A healthy pullback here would allow for some backfilling and better setups. A sideways move or more downside could give us stronger positioning.
- IWM: The IWM faced resistance after a strong upward move, and it might need more time to consolidate. Watch for it to coil up, as this could lead to a breakout attempt if the setup aligns.
Top Stocks on the Watchlist
- Spotify (SPOT) – Big push after earnings and breaking into all-time highs. If there’s a pullback at the open, this could be a prime day trade.
- Adobe (ADBE) – A strong day today, remounting key moving averages. Look for red to green setup.
- NVIDIA (NVDA) – Potential breakout around 150, though the semiconductor sector has been weak. Be cautious of resistance.
- Amazon (AMZN) – With Black Friday around the corner, watch for momentum building in retail-related names.
- Tesla (TSLA) – Down 7% today; a green-to-red move could set up a potential fade.
- Coinbase (COIN) – Following recent high volatility, watch for potential breakdown if it loses key support.
Key Takeaway
We’re looking at a focused stock watchlist as the market might need to take a breather. Stay sharp with setups on these earnings plays and sector leaders. As always, adapt to what the market gives you and trade accordingly.
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