Deep Currents: This Week's Watchlist Is Bearish

July 29, 2024 | [Read Online]( This Week's Watchlist Is Bearish Dear TheoTrader, Blake Young back with you again on this barely bullish Monday, although this rally isn’t really convincing anyone. And that, and earnings season, are why this week’s watchlist looks a little different. Anyone saving for a retirement should get to grips with the fact that, yes, stocks will drop from time to time, and not all money-making opportunities are on the long side.  The truth is, I’m not that bullish right now, save for this one stock… And that’s Medtronic (MDT). The shares have bounced and created a higher low. There’s a consolidation pattern taking shape, likely to be a re-test of $84 or even $86. This leaves us with anywhere from 7% to 8% in upside potential within a timeframe of two to three weeks. Most other bullish prospects out there are reporting earnings today and into this week… and are therefore radioactive. There’s a little more happening on the bearish side right now. There’s little follow-through and support levels aren’t taking shape. That said, I do see some bearish setups unfolding soon. Financials have failed to re-test highs and as such are likely to see lower highs. There’s downside potential here of between 5% and 10% for traders who play this correctly. Even better, from a bear’s perspective, many of the financials have reported earnings already, leaving them open as fair game. Bank of America (BAC) is a potential “bear breakout” ticker that could drop to $39 from here. JPMorgan Chase (JPM) is currently rolling over and might hit $200 before it’s all said and done. The biggest bearish opportunity in the financial sector right now, which could be hitting “super lows,” is Schwab (SCHW). I’m watching a bear flag pattern in that stock and targeting a $17 move lower. That’d be more than 25% shaved off the stock’s value. If SCHW breaks below the $64 level, look out below. Talk to you soon. Blake Young [How to Get on the Winning Side of the AI Revolution]( Wall Street was among the very first to leverage artificial intelligence… for trillions in gains. Now it’s our turn. These AI timing webs have doubled (and sometimes tripled) the S&P 500 return. The big opening is every trading day at 3:50 PM. [Here’s how…]( [fb]( [tw]( [ig]( Disclaimer: Neither TheoTrade or any of its officers, directors, employees, other personnel, representatives, agents or independent contractors is, in such capacities, a licensed financial adviser, registered investment adviser, registered broker-dealer or FINRA|SIPC|NFA-member firm. TheoTrade does not provide investment or financial advice or make investment recommendations. TheoTrade is not in the business of transacting trades, nor does TheoTrade agree to direct your brokerage accounts or give trading advice tailored to your particular situation. Nothing contained in our content constitutes a solicitation, recommendation, promotion, or endorsement of any particular security, other investment product, transaction or [investment.T]([rading]( Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Past Performance is not necessarily indicative of future results. TheoTrade 16427 N Scottsdale Rd Suite # 410 Scottsdale, Arizona 85254 United States 1 (800) 256-8876 Update your email preferences or unsubscribe [here]( © 2024 Blake's Retirement Rocket PO Box 24790 Christiansted, Virgin Islands 00824, Virgin Islands, U.S. [Terms of Service](