To The Moon

We saw the stock market rally had a strong week and stellar month, the rally continued to act well in a holiday-shortened week, with the Dow Jones, S&P 500 and Russell 2000 all hitting record highs to close out their best months of 2024.

The Dow Jones Industrial Average rose 1.4% in last week's stock market trading. The S&P 500 index and Nasdaq composite climbed 1.1%. The small-cap Russell 2000 gained 1.2%

For November, the Dow Jones surged 7.5% and the S&P 500 5.7%, their best monthly percentage gains in a year. The Nasdaq jumped 6.2%. The Russell 2000 spiked 10.8%, its best monthly gain since December 2023.

The Nasdaq is the only one that did not set new highs during the week, but it is close.

Significant Stocks Movement

Nvidia (NVDA) had a down week, but rebounded back toward its buy point Friday. Fellow tech titan Meta Platforms (META) and Apple (AAPL) flirted with entries on Friday as well.

Tesla (TSLA) fell for the week but is consolidating near highs in anticipation of the next big Full Self Driving update.

S&P 500 Consumer Discretionary and Information Technology Leading

ARK Innovation ETF (ARKK) rose 3% last week and ARK Genomics ETF (ARKG) jumped 9.4%. Tesla stock remains a big holding across Ark Invest's ETFs. Ark's Cathie Wood also has built up a big position in Nvidia stock and has a small stake in BYD.

Friday’s consumer discretionary sector managed to gain 1.11% with Tesla contributing more than 3.5%, and this should be able to continue this week as Tesla FSD v13 roll out will be watched closely.

Information Technology sector also gained 1% helped by $Lam Research(LRCX)$ , Dell Technologies and Nvidia, all these stocks gained more than 2.5% on Friday (29 Nov) so question is whether they will continue to run positively in December.

SPDR S&P Metals & Mining ETF (XME) edged up 0.1% last week. The SPDR S&P Homebuilders ETF (XHB) climbed 2.5%. The Energy Select SPDR ETF (XLE) gave up 1.9% and the Health Care Select Sector SPDR Fund (XLV) bounced 2.2%.

Weekly the Industrial Select Sector SPDR Fund (XLI) advanced 1.1%. The Financial Select SPDR ETF (XLF) rose 1.2%, despite industrial and financials only gained 0.43% and 0.02% respectively last Friday.

Note Yield Flat Even Though Bond Traders Confidence Grow For Overall FIscal Restraint

The 10-year Treasury yield tumbled 22 basis points for the week to 4.19% as bond traders grow more confident that President-elect Donald Trump will show overall fiscal restraint, with Elon Musk heading up efforts to improve government efficiency.

The jobs report next Friday will cap a big week of economic data. 10-year note yield ended flat at 4.175% at Friday’s early close. We saw similar behavior for 2-year yield which close at 4.159% with flat movement.

Stocks To Watch

$NVIDIA Corp(NVDA)$ stock fell as low as 131.80 during the past week, skidding below the 21-day moving average and the 140.76 buy point. But shares avoided closing below the 50-day line and made further gains on Friday, ending the week down 2.6% to 138.25.

Nvidia's growth remains strong. After a five-month pause, perhaps a final NVDA shakeout will turn into another advance. From the technical, we need NVDA to trade above the 21-day moving average. and move above the level $140.

MACD also need to show us more confidence with an upside potential, though MTF is giving us an upward trend, but I think we need to look at how NVDA would be trade on the first week of December.

$Meta Platforms, Inc.(META)$ stock rose 2.7% for the week to 574.32, briefly retaking the 50-day line on Friday. A move above Friday's intraday high of 578.46 would offer an early entry. Shares have a 602.95 flat-base traditional buy point.

$Apple(AAPL)$ stock advanced 3.25% to 237.33. On Friday, shares briefly peeked above a 237.49 buy point from a flat base right next to another base.

$Tesla Motors(TSLA)$ stock fell 2.1% to 345.16 for the week, but popped 3.7% on Friday. Shares have been consolidating around two-year highs for the past couple of weeks.

Tesla has started rolling out FSD v13 to employees and limited outside customers. Elon Musk said last weekend that the big FSD update was "coming soon." The EV giant has hyped-up expectations by predicting FSD v13 will show a six times improvement in terms of miles per driver intervention.

I think we need to see TSLA clear the $350 and stay above because we can see that consolidation for TSLA have formed, good news is this is above the short-term (21-day MA), and MTF is giving some confidence that a strong upward trend is already on the way.

The only indicator that might derail TSLA upside move is the MACD as a potential downside movement is formed, we might need to monitor and see how MACD formed in first week of December trading.

Summary

I would think December trade might start off with a positive momentum, though not strong enough to gather a rally, we could still see some of the notable names to make some good upside.

There are a few earnings to watch this week as well, namely Salesforce, Lululemon and DocuSign.

Appreciate if you could share your thoughts in the comment section whether you think market would start December on a positive momentum?

@TigerStars @Daily_Discussion @Tiger_Earnings @TigerWire appreciate if you could feature this article so that fellow tiger would benefit from my investing and trading thoughts.

Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.