This Week's Stock Ideas

Monday, January 22, 2024

Good morning everyone, and congrats to all who caught last week’s short sale trade on COIN. Just under 10% in less than a week! Let’s go!

The S&P 500 finally picked a direction…up. It has struggled to get above resistance for weeks and finally broke out to new all-time highs. Is this a head fake? Too early to tell. It barely took out the previous high, and while everything appears to be pointing toward a continued push higher, we need confirmation. Remember, the chart below is a monthly chart. To confirm this move higher, the S&P 500 would need to close above the previous high at the end of the month. With only eight trading days left in the month, big tech is starting to report quarterly earnings this week, and inflation numbers are coming out Friday, so the bears are not yet out of this fight. We will continue to monitor price action closely, but if we can get through these next two weeks and close at new highs, we could see a strong push higher.

Check out this week’s ideas, and don’t forget to comment or ask questions below.