27 May Weekly Stock Market Forecast and Swing Trading Ideas Report
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Weekly Stock Market Forecasts, Charts, and Swing Trading Ideas List and Strategies Report
Week of May 27th 2024
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General Market Summary plus Swing Trade Ideas List:
Updated David Banister Market and Elliott Wave Views on SP 500 and more plus the weekly swing trade ideas list is at bottom of this report
Markets, Charts and more:
Some pullback late in the week but markets are consolidating strong gains and hit 2024 uptrend highs recently as projected. Bitcoin I projected 81,400 in April and after a 13 week consolidation it looks poised to break out soon I think. (See Bitcoin Chart)
NASDAQ 100 has not hit my projections yet and can still move higher. (See QQQ Chart)
SRP Stock Trade Service only has 3 positions open currently but looking to add. We just had a great run of profit taking.
Swing Trade Ideas list always produces winners, that is updated at the bottom of this report with some new names added this week.
Bitcoin and QQQ ETF charts
May 17th- Long Term Banister Wave Count is bullish. Short term we are a bit extended for sure, intermediately we can stretch my 5625-5800 ranges
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Swing Trade ideas list is updated at the bottom of this report reflecting current market conditions and relative leaders based on my review of fundamentals and chart patterns both.
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- List is updated every Sunday, names removed if they broke out to the upside strongly and or broke down.
- New names added, many names repeated if still in a bullish pattern.
- A lot of stocks will pull back harshly right before a big breakout reversal, so be advised
5/27/24 Updated list and updated notes on older names as well
BZ – 11 week overall base, broke out two weeks ago and pulling back last week. Chinese-based provider of mobile app BOSS Zhipin, to connect job seekers and enterprises efficiently. Ann. EPS Growth +67% PE 28 Avg.
PDD – Breaking out to highs after multi month consolidation. TEMU parent growing rapidly competing with Amazon etc, PE Ratio on forward earnings only about 12x.
CLSK – 15 week overall base near highs. Could break out if Bitcoin breaks to highs which I have been projecting. Provides bitcoin mining services which own & operate five data centers in Georgia having capacity of 230 MW.
TOST – Pullback may provide better entry opportunity. Provides technology restaurant management platform, hardware,
and software solutions for restaurant sector.
SMFG – Japanese Co provides commercial banking, leasing, securities, consumer finance, and other services in Japan. Japan stock market I had projected to be strong in 2024, so far so good.
SG – Broke out few weeks ago on strong earnings for this greens salad high tech restaurant chain. Nice consolidation could lead to another upside breakout.
HOOD – 2nd week on list, 8 week base not far off highs (Robinhood). Provides a stock brokerage platform that offers commission-free trading intended to democratize finance.
CLS – Breaking out of 6 week base near highs to highs. Canadian contract manufacturer of electronic products for
healthcare, industrial, aerospace/defense. May need to pull back some near term.
RXST – 2nd week on list, 4 weeks tight closings near highs. Develops and markets adjustable intraocular lens optimized for every unique eye after a cataract surgery.
HALO – SRP Position as of two weeks ago. could break out of 10 month consolidation to highs. Develops recombinant human enzymes and novel oncology therapies that target the tumor microenvironment.
IOT – Back on the list. Consolidating near 52 week highs. Provides an end-to-end solution that allows businesses that depend on physical operations to harness IoT data
IBTA – New Issue, Post IPO 4 week base building. Provides platform allowing brands to deliver digital promotions to
consumers through a network of publishers.
NU – SRP position as of last week. 10 week base pattern, strong earnings last week pushed this up and now normal pullback. Brazil-based Co operating as a holding Co that provides a digital banking platform and services.
MNSO – 4 week closings tight pattern, some volatility last week. China based Co operates 5,800 stores located in 90 countries and regions under the brand name MINISO.
ARIS – 2nd week on list. 2 weeks tight closings near highs . Provides infrastructure and solutions to directly help customers reduce their water and carbon footprints.
PINS – 4 week ascending base, 3rd week on list. Broke out of long base with strong earnings. May consolidate some then move higher. Provides a visual discovery platform that helps users to discover ideas for various projects and interests
MRX – Post IPO base pattern. United Kingdom based financial services co provides liquidity, market access and infrastructure services.
PAAS – 2nd week on list, moved up and broke out late last week. Nice consolidation and leading sector precious metals. Canadian company engaged in the exploration, and development of silver and other minerals in Mexico.
TCOM – At or near highs, may consolidate some. Chinese consolidator of hotel accommodations/airline tickets
targeting individual business . Needs to hold 48
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