US Momentum Report - 1 Dec 2024
Top momentum stocks from S&P100 S&P500 NDX100 Russell 1000 indices
General Market Overview
S&P500
Last week: if there are no negative news or uncertainty, the optimism might take markets to newer highs.
This week: This is exactly what played out this week. S&P 500 scaled new highs this month. Most likely the optimism might continue to take the market even higher.
NASDAQ 100
NASDAQ 100 index is still hanging around the 21 moving average. It doesn’t appear as strong as S&P500 in terms of scaling new highs. But, don’t let that misguide you. I expect NASDAQ 100 to do way better in the coming months.
Top 10 Momentum stocks (6 months price momo)
S&P100
1 $TSLA
2 $ORCL
3 $CHTR
4 $GILD
5 $BMY
6 $WMT
7 $NFLX
8 $USB
9 $BKNG
10 $TMUS
S&P500
1 $PLTR
2 $AXON
3 $TSLA
4 $UAL
5 $FICO
6 $VST
7 $TRGP
8 $CBRE
9 $BX
10 PAYC 0.00%↑
NASDAQ 100
1 $APP
2 $TSLA
3 $TEAM
4 $DASH
5 $FTNT
6 $CHTR
7 $MDB
8 $GILD
9 $TTD
10 NFLX 0.00%↑
Russell 1000
1 $APP
2 $PLTR
3 $MSTR
4 $CVNA
5 $UI
6 $SOFI
7 $AFRM
8 $AXON
9 $TPL
10 LLYVA 0.00%↑
Group 1: Starting new leg of the move (breakout)
Some of the above names are setting up again for the next leg of the move like AFRM PLTR.
Group 2: Pulling back to 21 Day MA (pullback)
Some of them are pulling back to the 21 day moving average like ORCL TSLA.
Depending upon your style, you can choose setups from either group 1 or 2 or a combination of both.
Focus List:
Applovin: After topping the Russell 1000 index, now it is time for topping the NASDAQ 100.
It entered my Systematic portfolio that trades the NASDAQ 100 index. A few years back I would not have taken this trade because of recency bias (it is already up 765% and can’t go any higher). But nowadays I judge myself on only one thing - Did I follow my system (rules)?
AFRM : Wants to push higher
AFRM is showing another continuation pattern and the chart says that it wants to move higher.
The breakout at 50 and continuation pattern at 53 level was shared earlier on my YouTube channel.
Rate cutting phase is a good tailwind for AFRM and other similar companies.
SNOW
This is one that I’m watching very closely. No position yet but might consider taking a position if it tries to push above 175-177 levels.
SentinelOne S 0.00%↑
Looks great on the weekly chart. Has it’s earning release on Wednesday.
The entire group of Cybersecurity stocks like CRWD 0.00%↑ FTNT 0.00%↑ have been topping the momentum list, which is a good tailwind for this cybersecurity stock as well.
Below chart is a weekly chart.
ALAB - Pullback to breakout levels
DDOG
Datadog gave a nice breakout with good volumes. Forming a flag continuation pattern.
DIS - Trying to takeout another resistance.
The breakout at 100 was shared earlier in this newsletter and youtube channel.
