 Hey guys, this is Haider from Extrax back with another weekly video and before we start off with the weekly analysis I want to go over a very important topic about how to find the next true market leaders for 2024, right? But yeah, so if you study charts for a long period of time now You would know that the big leaders tend to make big moves consolidate for a while and then make bigger moves The strong stocks always tend to go higher and the weaker stocks always tend to go lower, right? As MCI is a great example of this the stock had a really really nice run before it was $34 and then it went all the way up to 353 in a relatively short period of time and then it consolidated here for almost six months And now had another very very strong break up a huge volume, right? This is what leading stocks do they make big moves They console there for a while and then they continue to make the next leg up And then the stocks that are weak for example Tesla Stocks that are weak tend to get weaker and weaker, right? Tesla's been weak for the last year in 2023 Has been relatively weak after that strong bounce in the beginning of the year and it's been relatively weak all year long, right? And Yo weaker stocks tend to get weaker, right? And Tesla's a great example. It's just been slowly Grinding down every single week But yeah, so To spot these next big leaders, you don't want to be buying SMCI right now, right? The stock is way too extended but The best opportunity that the leaders give you is when this when these stocks pull back to the 10-day or 10 Weekly moving average So in my chart, this is this red line here So when stocks move on the weekly chart when stocks come back down to this 10-day weekly moving average Then that is usually a good opportunity to buy for The next couple months, right? Because the leading stocks always tend to go higher not not always but The probability is very high, right? And that SMC is definitely one of those stocks that you want to be watching out for if this one pulls back to its 10-day weekly moving average This could be a good buy the dip play same thing with all the chip stocks So NVIDIA is another one that you want to be watching out for MD is another one MD is already pretty close. So this one's actually viable around that 183 level Potentially and then broad comps another very strong one, right? I think these semiconductor names are going to lead the next or they already have been leading but I think they're gonna go much much higher because For AI to happen, we definitely need these chip stocks, right? So a lot of demand is coming going into these chip stocks And I think there's a very good chance that these stocks can go a lot a lot higher, right? ARM is another one So semiconductors are definitely one of the strongest team teams in the market right now, and I think it could be a Much stronger T there is it could be a much stronger industry moving forward so these are definitely some stocks that I'm looking at and Besides that cryptos another team team that you definitely want to watch monsters another one This one's way way too extended, but it pulls back to its 10-day weekly moving average It could be a good buy the dip coins another one, right coins also extended But yeah, these are definitely names that you want to watch if they pull back to their 10-day weekly moving average But yeah, that's how you could find the next true market leaders And I don't think this bull market is over. I think short-term we are bearish Just because market is a little bit extended and the indices look like they want to go a bit lower But overall, I think one of these leaders pull back to their 10-day or 10 weekly moving average I think it could be a very good buying opportunity And I think that's how you can easily double your money if you're invested in these stocks For the next year, right? As always, there's no guarantee, right? You always have to manage your risk and act According to the new information that the market gives us, right? My opinion can change very quickly So you always have to take it day by day and you have to react accordingly to what the market gives us But yeah, that's pretty much it for that concept and we'll continue with weekly analysis and If you guys are interested in one-on-one mentoring feel free to DM me on this court But yeah, let's get started with indices as usual. We'll start up with SPY and QQQ So SPY looks like it's finally breaking. It's It's finally breaking its uptrend here It's been holding this uptrend since the beginning of the year and they finally broke that on Friday. So not great sign And I think it could potentially see that 500, 502 level as a key support level. So I think there's a good chance that we could pull back lower Same thing for QQQ QQQ also breaking its uptrend from the beginning of the year and also broke on Friday and It's currently testing that 434 support level and that's also the gap up level. So if it loses that 434 I think there's a good chance that we could pull back all the way down to 426 which would be The gap fill level, right? And also one thing to notice for QQQ and SPY the volume did pick up on Friday. So that's not a great sign SPY you can see it more clear So the last two days more volume on the downside So it's not a great sign for the markets, but we'll see what happens. As always we have to take it day by day, right? But right now I think there's a good chance that we will pull back more Yeah Let's move on to the big cap that names start off with Apple So Apple looks like Let's go to the weekly chart So Apple put in that inside bar on the weekly and I think if it loses that 170 level again I think there's a good chance that we could pull back all the way down to that 167 ish level. So I would say Apple definitely looks a little bit bearish to me Yeah, next up. Let's take a look at Google. So Google actually had a very nice breakout this week Really nice move off these lows and it's breaking its downtrend now and Trying to form a little flag here Overall Google looks really healthy to me And I think yeah, I think has potential to make a run higher But yeah Google overall looks pretty solid to me forming a good cup in hand on the weekly chart Next up, Meadow. So Meadow pulled back a bit this week, but nothing to be concerned about I think that's just gonna retest that 470 level if anything overall Meadow is a very strong name and You know, I think it's acting fine I think it's just some short-term turbulence, but overall Meadow is a very very strong name But yeah for that 470 level would be the target Microsoft had a very strong week until Friday had a very strong breakout and then it ended up failing Or it ended up being a failed breakout on Friday when it took out Thursday's lows So not the best sign overall Microsoft is still pulling up really really well And I think it's only big cap name to make new all-time highs this week. So Microsoft's definitely very very strong Next up Netflix Netflix almost did make new highs new 52 week highs not new all-time highs, but Netflix looks pretty good here. It's just consolidating So yeah bullish over 622 very 105 91. So that's simple for Netflix Nvidia is actually forming a bull flag. So Nvidia still looks pretty good here I think if it breaks that 900 level it could be a buy again But yeah, Nvidia has been acting incredibly strong But yeah, if we do end up failing and we lose 862 Then I think there's a chance that we could get till all the way down to 824 but in videos definitely one of the strongest stocks in the market right now and Last but not least, let's take a look at Tesla Tesla's just been getting killed Had a big move done here from the nice bear flag and then it followed through The bear flag did follow through so yeah 159 as a key support level So we'll see Tesla can bounce off there But overall Tesla looks really really weak and I think if we lose that 159 level then we could potentially see Move all the way down to the hundreds again, but yeah, Tesla is very very weak And let's also take a look at ARKK see how growth stocks are doing so growth names are still Stuck in this consolidation So they're like in between this range right now $52 and 48 is the support So if we break in either direction, then I'll lean in that direction, right? So if we break 52 and I'll be bullish Otherwise if we lose 48 then I'll be bearish, but yeah, that's pretty much it for ARKK Let's take a look at AMD as well. So AMD I think it's a good Potential dip by around that 183 level and it did get a nice nice bounce off it on Friday. So that's good, but overall AMD's it did pull back in pretty strong This week, but overall the stock is very very strong. So I Would say I would say 183 would still be good by the depth area or by the depth level But yeah, I think AMD still I'm tackling while here ARM ARM The stock is just stuck in between chop right now So bullish over 136 and bearish under 170 until then it's just stuck in chop for now Broadcom is pulling back in yeah pulled back in pretty hard after this earnings bar and Yeah, overall it looks fine. I think to be too concerned about It is breaking its Yeah, it is testing its uptrend. Yeah uptrend looks like it's breaking for now But yeah, it did gap fill. So I think we could potentially see a bounce here. Maybe But yeah, it is at its support level now. So we'll see what happens with our comp. This is another very very strong stuff Coin coin did pull back in this week So yeah, I think 216 would be the key support level and if we lose 216 then we can go for the gap fill and Pull back to 207, but overall coin is very very strong Yeah, all the crypto names are very strong Carvana looks like a really good setup for next week It's tightening up really nice here and yeah, if we take out that 82 level This could be a really good breakout play. So this is another top watch for next week for sure And the stock has been acting really well recently had a huge earnings gap up from the flag here And then broke out from the another flag and broke out and now it's forming another flag here again but yeah, the stock is very very strong and Definitely on the top of my watch list JMIA, this is more of a speculative name Speculative name, but this one's also forming a really nice flag here and definitely one that you want to keep an eye on Looks good if it can break that like 7.2 ish level Next up, let's take a look at Micro-strategy stock has been insanely strong pretty much doubled Actually tripled in a very short period of time, right? It formed a nice flag set up here and it's forming another flag set up here, but This one's definitely way too extended. So I wouldn't touch it here But very very strong name and you definitely want to pay attention to it Oh and oh and this one had Bad earnings report, but it recovered very very quickly So that's showing that Institution spot that dip very quickly and this one looks good on the weekly chart. It's forming a nice Bull flag so really nice volume. So overall this one looks really really good Yeah Hey, this one. I really like because of the volume had a very nice Had a strong earnings gap up on the flag broke out and now it's forming another flag So this is another really good setup for next week. Definitely keeping it high up on the watch list and Last but not least SMCI SMCI looks like it's consolidating potentially forming a bull flag here I don't like that volume on Friday Not a great sign But if we lose this trend line, then it's the potential we could get though all the way down to 932 again But overall very very strong stock and one of the leaders for 2024 But yeah, that's all I have for this week. Thank you guys for tuning in and I hope you guys have a great weekend There's a reason why xTrades is currently the fastest growing application on the market for sharing financial ideas with over $2.5 million paid in the last two years to contributors Users are flocking to see what trades the top traders on the leaderboard are sharing in real time If you're looking to grow your reputation as a trader on the internet or discuss your trading ideas with other reputable investors Click the link below and get connected with the trading mentor today completely free of charge