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It’s possible that following the Crowdstrike/Microsoft outage last week, big investor over-reliance on the tech mega-caps could be under review in the medium term. Systemic vulnerabilities like that are worrisome for large investors. Consequently, the market and sector rotations that we’ve mentioned over the last few weeks are likely to continue, and earnings may be mixed. Quality setups continue to be in short supply, with many false breakouts and whippy action. So be patient and watch how the valuable Big Money Footprints setups unfold. Here are four stocks to keep on your radar this week:
WiseTraders Weekly Watchlist July 22 – July 26
SBUX (bullish) – Two large bullish momentum bars driving the price above the 50-dma Key Level, plus sellers seemingly running out of steam sets up a potential recovery for this stock. What’s needed now is a consolidation above the 50-dma plus some positive OVI participation.
FSLR (bearish) – Failing to pull back up above its 50-dma, this stock is now consolidating in no-man’s-land between both its Key Levels which are an extended distance from each other. The presence of bearish Big Money Footprints suggest further downside if the price breaks down through the current consolidation low.
JNJ (bullish) – The huge buying pressure after reporting earnings on the 17th was then followed by a sideways move with several bullish Big Money Footprints. Ideally, one or two more bars of consolidation and a breakout is required for confirmation.
PDD (bearish) – Failed at the 50-dma Key Level and now resting at the 200-dma, several bearish Big Money Footprints. If the broader market declines, this stock will likely follow suit, but needs to break below the current consolidation first.
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