These stocks rallied on Monday with the market and held key moving averages when the S&P 500 fell last week. Relative strength is persistent, so we’ll add these stocks to our watchlist candidates into the last trading day of June.
Nasdaq-100 Weekly
The (NDX) Nasdaq-100 is outperforming the S&P500, trading at all-time highs and above the February pivot high that the S&P500 as yet to regain.
July is the seasonally strongest month of the year over the past 5 and 10 years, with more emphasis on last the past 5 years as technology, robotics, the cloud and AI become ever more ubiquitous to society.
Therefore, we’ll be looking for stocks above the 9/21d moving averages that have recently pulled back to support. Then, we’ll look for buyers at these key support levels.
Apple, Inc. (AAPL)
Apple buyers remain persistent. Price action pulled back to the zone between the 9 and 21d. Buyers stepped up to buy a ticket to the next wave higher, or so it appears. We’ll trail our stop below the low of the day if AAPL starts off and remains above a bullish VWAP.
Volume should pick up after the opening range, so watch RVOL indicators.
Tesla Inc. (TSLA)
Tesla CEO Elon Musk said the electric vehicle company could break even in Q2, despite the Covid-19 pandemic, Electrek reported Monday citing an email from Elon to employees. In the email sent Monday, Elon reportedly wrote “breaking even is looking super tight. Really makes a difference for every car you build and deliver. Please go all out to ensure victory!”
The stock broke higher on the news.
Additional stocks to consider, ranked by performance.
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Happy Trading,
Vinny
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*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.