WiseTraders Weekly Watchlist: September 23, 2024 – September 27, 2024
You never quite know how the market will respond to news, which is why we focus on Big Money activity and we typically remain agnostic to news. We’d already forecast a volatile but bullish week ahead, and on Thursday the market obliged following the Fed’s 0.5% rate cut. For this week, we expect a slight pause in momentum, though nothing particularly dramatic.Here are four stocks to keep on your radar this week:
DKS (bearish): Still struggling a couple of weeks after an earnings meltdown. If this stock breaks below $210 there should be further downside and a retest of its 200-dma.
FSM (bullish): Resting above its 50-dma after making a nice recovery off a pullback consolidation setup around the 200-dma. Further upside looks likely if it breaks above its current resistance.
IMVT (bearish): Finding short-term support around $28 after two large bearish momentum bars pushed it below its Key Levels. The presence of a negative OVI suggests potential short-term bearishness.
RYN (bullish): REIT stocks are generally known for their resilience in volatile markets. This is now consolidating above its 200-dma with several bullish Big Money Footprints. Looks promising on a breakout.
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