US Momentum Report 24 Nov 2024
General Market Overview
S&P500
Last week commentary: What is positive is that the index closed at the brakeout levels 5870
This week: The index recovered nicely (+0.96%) and is trying to push higher. Only a couple of weeks we had scaled ATH (All Time Highs), so there might be some price discovery (sideways movement) happening at this level. However, if there are no negative news or uncertainty, the optimism might take markets to newer highs.
NASDAQ 100
NASDAQ 100 also recovered and covered above the breakout levels 20696, which is a very good sign.
Top 10 ranked momentum stocks
Ranked by the last 6 months Rate of Change of Price.
You can look for continuation pattern on these strongest names from the indices.
S&P100
Rank Ticker
1 $TSLA
3 $CHTR
4 $TMUS
5 $BMY
6 $GILD
7 $PYPL
8 $MS
9 $BLK
10 COF 0.00%↑
S&P500
1 $PLTR
2 $AXON
3 $TSLA
4 $UAL
5 $TRGP
6 $EXPE
7 $FICO
8 $NCLH
9 $FTNT
10 CCL 0.00%↑
NASDAQ 100
Rank Ticker
1 $TSLA
2 $FTNT
3 $DASH
4 $TEAM
5 $CHTR
6 $ADSK
7 $TMUS
8 $GILD
9 $PYPL
10 BKR 0.00%↑
Russell 1000
Rank Ticker
1 $APP
2 $PLTR
3 $UI
4 $CVNA
5 $TPL
6 $AXON
7 $MSTR
8 $SOFI
9 $AFRM
10 Z 0.00%↑
Apart from the above momentum stocks, the below stocks have given a breakout or close to a breakout.
DELL
CSCO
DIS
FI
FOX
CPRT
TTD
PYPL
TEAM
COST
CRWD
DASH
CPRT
CTSH
PANW
Where am I looking?
Top momentum stocks like NOW 0.00%↑ NFLX 0.00%↑ PLTR 0.00%↑ DASH 0.00%↑ COST 0.00%↑ NVDA 0.00%↑ APP 0.00%↑ AXON 0.00%↑ have been already flying high.
Apart from these top momentum stocks, several Tech/Growth stocks have been
Turning around
Emerging out of large bases
Why? Slow rate cutting phase is a big tailwind for Tech/Growth stocks.
Now it the time to reduce our universe to just the Technology and Growth stocks
To mention a few names from this category
See you in the next week’s newsletter.
Happy trading/investing.