This Week's Stock Ideas

Monday, March 11, 2024

Good morning everyone, and congrats to all who caught that COIN trade with us!!

So… from a technical standpoint, things are starting to get interesting. On the weekly timeframe, the S&P 500 traded into a reversal candle. On the daily timeframe, the S&P 500 traded into a bearish engulfing candle that closed at the lows. The index has rallied over 24% from the Oct. 2023 low and the technicals are pointing towards a small pullback at the least. It would not be unusual to see some profit-taking after such an impressive run-up. That said, we need confirmation from the market. If the SPX pushes lower at the open, we could easily see a move to 5,000. If buyers don’t come in at that level, then 4,950 would be the next support area. We will continue to monitor the price action closely and will update everyone as needed. Trade with caution and trade smart.

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