🚀 New Highs Alert: Riding the Market’s Momentum 🚀 & 20 New Breakouts!

Steady Gains Amid the Buzz: Navigating New Highs and Prime Opportunities Post Election

Author

Bootleg Macro
November 03, 2024

🚀 New Highs Alert: Riding the Market’s Momentum 🚀

As we close out another week, indexes are holding steady amidst the election buzz 🗳️, with NASDAQ at $18,239 and a bullish weekly sentiment guiding the trend higher 📈. Light volume hints at some caution, but the broader path remains intact. The Dow sits resilient at $42,052 💪, grinding upward with minor pullbacks, while VIX remains calm for now. However, post-election, we could see a collapse in VIX levels, presenting an enticing long opportunity for those ready to capitalize on risk ⚡.

🔥 This Week’s Standout Highs 🔥
Among the stocks making waves, TOST surged to $30.98 📊, backed by bullish sentiment and a rising correlation with BTCUSD—watch for a potential continuation on this upward path. ZM also hit impressive levels, closing at $75.60 with solid bullish momentum on both daily and weekly charts 🚀. These moves underscore a strong setup as we head into the final stretch of the year, with tech and cyclicals positioned for growth 📈. As always, stay nimble, keep an eye on volume trends, and look for those prime re-entry points 🔍.

- Dustin

📈 Market Outlook: Navigating the Year-End Dynamics 📉

The S&P 500 (INX) is showing steady bullish sentiment on the weekly chart, though daily sentiment remains cautious 🕶️. With a current level of $5,728.80, it's edging closer to resistance near the $5,789 mark. Volume has been falling 📉, suggesting some hesitation, but with a BTC correlation of 48% 🔗, the index could mirror crypto trends, making it one to watch 👀. As the year closes out, INX appears positioned for moderate growth, albeit with some resistance ahead.

The Dow Jones (DJI) stands resilient at $42,052 💪, showcasing a bullish weekly sentiment with an increasing volume trend 📊. The index has seen minor pullbacks, particularly in the past 15 days, but the overall trend remains upward. DJI’s correlation with the dollar is falling 📉, supporting a continued push in a 'risk-on' environment, targeting $42,748 in the near term 🚀.

The NASDAQ (IXIC), at $18,239.92, is still trending upwards ⬆️, driven by light but optimistic volume 💡. With a BTC correlation of almost 69% 🔗, any crypto rally could further boost tech-heavy IXIC. The outlook here leans bullish, with key re-entry points between $18,007 and $18,090 for those eyeing a dip-buying strategy 🎯.

⚠️ Volatility Signals and TURBULENCE Indicator ⚠️
The VIX is currently at $21.88 📉, showing a bullish sentiment but with a tendency to roll over soon. With election-related volatility looming 🗳️, VIX could see a temporary spike 🌩️; however, post-election, a potential collapse in VIX would create a compelling opportunity to go long on risk assets 💼.

Meanwhile, the TURBULENCE indicator suggests a mixed environment 🌪️, with signs of minor market instability that could grow if VIX surges past critical levels. Keep an eye on any shifts in the TURBULENCE readings 👓, as heightened instability could change the short-term outlook.

✨ Key Takeaways: Stay Nimble, Seize Opportunities ✨
As we navigate year-end market dynamics 📆, a 'risk-on' approach remains favorable across INX, DJI, and IXIC. The VIX and TURBULENCE signals hint at potential volatility, but post-election calm could open up strategic long positions. Look for opportunities to buy dips, especially in tech and cyclicals 💻, as we close out 2024.

SPY is in a great spot to by, in my opinion. We see the price under the ACTION LINE right before the election. It’s ready to run after we clear up the uncertainty of the US ELECTION.

The DOW is right below the ACTION LINE - Fantastic spot to buy Dow Jones for me.

This down week is fantastic for markets going into the election.

Volatility Corner:

Turbulence Indicator: Blue up is good, blue down is bad. The blue line has a HIGH CORRELATION to overall markets. You see the up and down…we are back above the 23 Week Moving Average. Which is significant.

What I like about this setup is that we don’t expect to see a BEAR market show up. This means we will see extreme BULLISHNESS in the coming weeks and probably through the end of the year. This is a fantastic setup going into the US Election catalyst.

MACRO INDICATOR:

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New Highs $5-$20:

  1. COMM - CommScope Holding Company Inc - Technology - USA 🇺🇸

  2. MNKD - MannKind Corp - Healthcare - USA 🇺🇸

  3. PAYO - Payoneer Global Inc - Technology - USA 🇺🇸

  4. CRVS - Corvus Pharmaceuticals Inc - Healthcare - USA 🇺🇸

  5. NWG - NatWest Group Plc ADR - Financial - United Kingdom 🇬🇧

  6. NN - NextNav Inc - Technology - USA 🇺🇸

  7. ALHC - Alignment Healthcare Inc - Healthcare - USA 🇺🇸

  8. BVS - Bioventus Inc - Healthcare - USA 🇺🇸

  9. MD - Pediatrix Medical Group Inc - Healthcare - USA 🇺🇸

  10. BTSG - BrightSpring Health Services Inc - Healthcare - USA 🇺🇸

COMM - CommScope Holding Company Inc - Technology - USA 🇺🇸

I personally enjoy the right range in COMM right now. This is ripe for a breakout in volatility and price.

MNKD - MannKind Corp - Healthcare - USA 🇺🇸

A lot of volatility bin the recent past but things have tamed down here. I suspect we get a small pullback and continuation of the trend.

PAYO - Payoneer Global Inc - Technology - USA 🇺🇸

Nice moves in PAYO - I appreciate the down day on Friday.

CRVS - Corvus Pharmaceuticals Inc - Healthcare - USA 🇺🇸

A remarkable trend with low volatility.

NWG - NatWest Group Plc ADR - Financial - United Kingdom 🇬🇧

A nice up trend and the price is above the trade range - I’ll give it some times.

NN - NextNav Inc - Technology - USA 🇺🇸

We are seeing massive moves in these small cap technology companies.

ALHC - Alignment Healthcare Inc - Healthcare - USA 🇺🇸

Healthcare isn’t a good sector but this is running.

BVS - Bioventus Inc - Healthcare - USA 🇺🇸

A strong-up trend with a BULLISH trend.

MD - Pediatrix Medical Group Inc - Healthcare - USA 🇺🇸

A nice move in MD over the week - big Friday.

BTSG - BrightSpring Health Services Inc - Healthcare - USA 🇺🇸

Healthcare as a sector isn’t very bullish - so this is a suprise to see.

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New Highs $20+:

  1. T - AT&T Inc. - Communication Services - USA 🇺🇸

  2. IMAX - Imax Corp - Communication Services - USA 🇺🇸

  3. LMND - Lemonade Inc - Financial - USA 🇺🇸

  4. EDR - Endeavor Group Holdings Inc - Communication Services - USA 🇺🇸

  5. DAL - Delta Air Lines Inc - Industrials - USA 🇺🇸

  6. UAL - United Airlines Holdings Inc - Industrials - USA 🇺🇸

  7. ZM - Zoom Video Communications Inc - Technology - USA 🇺🇸*

  8. TOST - Toast Inc - Technology - USA 🇺🇸*

  9. TWLO - Twilio Inc - Technology - USA 🇺🇸

  10. DAY - Dayforce Inc - Technology - USA 🇺🇸

T - AT&T Inc. - Communication Services - USA 🇺🇸

IMAX - Imax Corp - Communication Services - USA 🇺🇸

A little overbought lol. I’ll be patient.

LMND - Lemonade Inc - Financial - USA 🇺🇸

We are seeing the 2021 vintage IPOs and small companies start to get hot again. The market is in a BULL MARKET.

EDR - Endeavor Group Holdings Inc - Communication Services - USA 🇺🇸

DAL - Delta Air Lines Inc - Industrials - USA 🇺🇸

A crazy move in Delta Airlines - it’s a low volatility bullish trend - great look.

UAL - United Airlines Holdings Inc - Industrials - USA 🇺🇸

Very nice breakout in air travel - good to see for the overall economy.

ZM - Zoom Video Communications Inc - Technology - USA 🇺🇸

Zoom is in a nice spot to buy as well, I like this slow breakout of zoom.

TOST - Toast Inc - Technology - USA 🇺🇸

This is a great spot to buy what looks like a massive coming breakout. I like this one personally to buy.

TWLO - Twilio Inc - Technology - USA 🇺🇸

What fantastic week for TWLO. It had a breakout and continues to move higher. Wait for it come back into the range.

DAY - Dayforce Inc - Technology - USA 🇺🇸

This was a low vol breakout which I love. This is too high in the range for now but worth tracking.

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