• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Stock Top Ten Charts to Watch for October 2024
Stock

Top Ten Charts to Watch for October 2024

by September 27, 2024
by September 27, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

As we near the end of what has been a fairly solid Q3 for the equity markets, we are left with the eternal question for investors: “What’s next?”

We now have the Fed’s first rate cut in the rearview mirror, with multiple rate cuts expected into early 2025.  We also have a highly contested election season, a rapidly escalating situation in the Middle East, and earnings season which is only a couple weeks away.

The beauty of technical analysis is that price action should compensate for investor expectations for all of the above.  If investors are excited, nervous, euphoric, despondent, or anywhere in between, the interplay between buyers and sellers can tell us a great deal about investor sentiment.

With that in mind, here are some of the individual stock charts I’ll be watching as we transition into the fourth quarter.

Comcast Corp. (CMCSA)

As I reviewed hundreds of charts to eventually settle in on just ten to review, I was struck by the fact that five out of the ten are in the same sector: Communication Services.  From Magnificent 7 names to old telecoms, there are plenty of improving charts in this sector.

While many stocks could be considered overextended after this week, Comcast is definitely not one of the them.  This chart features a classic rotation from a distribution phase (lower highs and lower lows), through a consolidation phase (even highs and lows), into a new accumulation phase (higher highs and higher lows).

This week, CMCSA finally pushed back above its 200-day moving average, as well as the previous peak from mid-July.  If this stock can follow through above the $42 level, we could easily see a retest of the January 2024 peak around $46 and beyond.

Meta Platforms, Inc. (META)

One of the key questions for October is whether the market will remain strong despite the normal seasonal weakness around this time of year.  META may be the best chart to watch to determine whether our benchmarks will remain in a bullish phase.

Meta has tested resistance in the $520 to $540 range since first arriving at these levels in March, and a couple weeks ago that level was finally eclipsed.  Any time a stock breaks above a well-established resistance level, I want to see it hold that breakout point on any subsequent pullbacks.

META ended the week in an overbought condition, with the RSI remaining above 70.  This often suggests a pullback is imminent, particularly when the RSI dips back below this overbought level.  Will Meta Platforms hold $520 as well as the 50-day moving average on a pullback? If so, then this bull market could see unusual strength in arguably the weakest of the 12 months from a seasonal perspective.

VFCorp (VFC)

Next is VFCorp, my first selection outside of the Communication Services sector.  This producer of apparel and footwear brands, including Timberland and The North Face, has entered a new uptrend phase off a major low back in March.

While VFC has already gained about 80% off the March low, the bullish phase appears very much still in place here.  We can see a consistent pattern of higher highs and higher lows, and the price is now trending higher above two upward-sloping moving averages.  The RSI indicator tells us the momentum is strong but not excessive.  I tend to think of charts like this as “innocent until proven guilty,” and as a trend-follower that means I follow the trend until the chart tells me to do otherwise!

Looking for the other seven charts to watch?  Check out the full video on my YouTube channel!

RR#6,

Dave

PS- Ready to upgrade your investment process?  Check out my free behavioral investing course!

David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice.  The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.  

The author does not have a position in mentioned securities at the time of publication.    Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

You Might Also Like
  • Small Caps Join The Party — Here’s a Top Stock to Consider
  • How to Spot a Golden Mining Opportunity Using SCTR Reports
  • Is This a Market Bubble – or Investor MANIA?
  • A Day in the Life of a Trader
Share
0
FacebookTwitterPinterestWhatsapp

previous post
This Week’s “Sector to Watch” and “Industry Group to Watch”
next post
Stock Market Regains Bullish Edge: Can Geopolitical Tensions Change Its Direction?

You may also like

The Bull Has Left the Bear in the Dust: It’s...

November 17, 2023

1960s Analogue Sees Inversion in 2023

December 8, 2023

Defense Stocks To Buy: A Strategy You Need to Know...

April 19, 2023

The SCTR Report: Workday Rises on Strong Earnings Results and...

August 23, 2024

Tech Wreck Leads Markets Into a Downtrend — Here’s Where...

August 5, 2023

Exponential vs. Simple: This is the Moving Average We Use

October 10, 2023

Three Key Charts Showing Bearish Divergences

July 8, 2023

Stock Market Today: Are Big Tech Growth Stocks Back in...

September 11, 2024

How to Use the A-B-C Corrective Pattern to Improve Your...

August 17, 2023

Sector Spotlight: Monthly RRG Shows Preference for Stocks Over Bonds

September 5, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Three Ways I Use RSI To...

    September 2, 2023

    Week Ahead: NIFTY Likely To Stay...

    November 9, 2024

    The Wisdom of Jesse Livermore, Part...

    May 24, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here