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Continuation Breakout Tuesday 2PM 8/13/2024

August 13, 2024 3 min read

Overall Sector and Industry Analysis:

Datetime Range Analyzed: 2024-08-13 11:30:00 – 2024-08-13 14:00:00 EST

Over the past 30 days, major sectors and industries have displayed varying trends driven by differing economic data points, market sentiment, and key events. Let’s delve deeper into the noteworthy trends:

  1. Technology (QCOM, TQQQ, NVDA, QQQ, SMH, ANSS):
    • The technology sector has shown strong momentum, reflected in increased trading volumes and sharp price movements.
    • NVIDIA (NVDA) stands out with extraordinary upward moves, primarily driven by strong earnings reports and optimism around future growth.
    • Qualcomm (QCOM) and Technology ETFs (TQQQ, QQQ, SMH) also demonstrated bullish signals, suggesting continued belief in the sector’s growth potential.
  2. Healthcare (HCA, IDXX, REGN):
    • Healthcare stocks reflect mixed sentiments. HCA Healthcare (HCA) and Regeneron Pharmaceuticals (REGN) have shown consistent upward movement, potentially driven by defensive attributes amid market volatility.
  3. Consumer Discretionary (AMZN, CVNA, LULU, WSM):
    • Consumer discretionary stocks have exhibited variability. Amazon (AMZN) has maintained upward momentum due to strong retail sales data and growth in its cloud business.
    • Carvana (CVNA) also showed bullish trends possibly due to its financial turnaround endeavors.
  4. Financial (VST, PAYO, KKR):
    • Financials have demonstrated stability with moderate gains. KKR & Co. (KKR) appears relatively bullish, benefiting from strategic acquisitions and improved market sentiment surrounding private equity.
  5. Energy and Industrials (VST, TPC, DY):
    • The energy sector has seen some gains with Vistra Energy (VST) being a standout performer in the industrial space, boosted by rising energy demand and strategic maneuvers.

Ticker Performance Prediction:

Based on the recent 10-day price volume development and the overall trend analysis in the past 30 days:

  1. Likely to Go Up:
    • QCOM (Qualcomm)
    • NVDA (NVIDIA)
    • TQQQ (ProShares UltraPro QQQ ETF)
    • AMZN (Amazon)
    • REGN (Regeneron Pharmaceuticals)
  2. Strong Bullish Signals:
    • NVDA: Driven by robust earnings and strong future outlook.
    • QCOM: Benefiting from semiconductor industry strength.

Individual Stock Analysis:

  1. NVIDIA (NVDA):
    • Support Levels: 113.93, 113.85, 113.70
    • Resistance Levels: 114.80, 115.10, 115.73
    • Price Action Prediction: Expect continued upward momentum towards 115.73. Bulls positioned to buy any dips near 113.93 support.
    • Entry Points: Near 113.85-113.93.
    • Stop-Loss Levels: Below 113.70.
    • Chart: finviz dynamic chart for NVDA
  2. Qualcomm (QCOM):
    • Support Levels: 167.05, 166.74, 166.23
    • Resistance Levels: 167.86, 168.09, 168.10
    • Price Action Prediction: Price likely to challenge resistance at 168.09-168.10. Continued buying expected on dips.
    • Entry Points: Near 167.05-167.23.
    • Stop-Loss Levels: Below 166.74.
    • Chart: finviz dynamic chart for QCOM
  3. TQQQ (ProShares UltraPro QQQ ETF):
    • Support Levels: 62.31, 62.59, 63.05
    • Resistance Levels: 63.34, 63.47, 63.54
    • Price Action Prediction: Likely to experience push towards 63.54, with possible corrections to support before continuation.
    • Entry Points: Between 62.31 and 62.59.
    • Stop-Loss Levels: Below 62.31.
    • Chart: finviz dynamic chart for TQQQ
  4. Amazon (AMZN):
    • Support Levels: 168.04, 168.52, 168.69
    • Resistance Levels: 169.92, 171.04, 171.21
    • Price Action Prediction: Anticipate bullish momentum towards 171.04 and possibly 171.21.
    • Entry Points: Near 168.52-168.69.
    • Stop-Loss Levels: Below 168.04.
    • Chart: finviz dynamic chart for AMZN
  5. Regeneron Pharmaceuticals (REGN):
    • Support Levels: 1148.58, 1149.61, 1150.00
    • Resistance Levels: 1152.07, 1152.91, 1155.73
    • Price Action Prediction: Short-term gains targeting resistance near 1152.07-1152.91 with potential for a move to 1155.73.
    • Entry Points: Around 1149.61-1150.00.
    • Stop-Loss Levels: Below 1148.58.
    • Chart: finviz dynamic chart for REGN

In conclusion, the technology sector leads with strong momentum particularly in prominent tickers like NVDA and QCOM, demonstrating substantial volume spikes and favorable price trends suggesting continued upward movement. It is advisable for short-term traders to capitalize on these momentum plays while carefully monitoring support and resistance levels to manage risk effectively.

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