Upticks - September 2024

Upticks – Newton’s Law

Upticks - September 2024
Source: Fundstrat, Bloomberg

Upticks Additions

Upticks Deletions

UPTICKS Total Return vs. SPY, since inception

Upticks - September 2024
Source: Factset, Fundstrat
Upticks - September 2024
Source: Bloomberg, Fundstrat
Upticks - September 2024
Source: Factset, Fundstrat

Upticks One Month Contribution to Performance (June 30th to July 31st)

Upticks - September 2024
Source: Bloomberg, Fundstrat

Upticks Additions Commentary

NRG Energy – NRG -0.17%  ($91.10)

Support- $85, $76; Resistance- $100, $110

Upticks - September 2024
Source: Trading View
  • A larger 15-year range breakout happened last November 2023.
  • Power Generation stocks look excellent technically
  • The initial resistance zone is $94-$96, then $102-108 which has more importance
  • Minor pullbacks next week should find strong technical support at $83, while $76 is intermediate-term support.

Uber Technologies – UBER -1.75%  ($75.16)

Support – $72, $67; Resistance – $82, $86

Upticks - September 2024
Source: Trading View
  • Bullish consolidation pattern breakout last week which has now consolidated to attractive support.
  • Volume has been very supportive since August, showing far greater volume on advancing days, which adds conviction to recent strength.
  • Elliott-wave theory shows the February-August (Three-wave ABC) decline being a corrective wave that now should yield to prices pushing back to new all-time highs.
  • Initial resistance lies at $82, but getting above there allows for a push up to $86, $93.

Palantir Technologies (PLTR- $37.20)

Support – $33, $30; Resistance – $$45, $60

Upticks - September 2024
Source: Trading View
  • Stair-stepping rally since early 2023 has helped PLTR nearly recoup the entire decline from 2021
  • Acceleration in early September occurred on heavy volume, which should aid PLTR in pushing higher to test all-time highs initially from January 2021 at $45.00.
  • No signs of any slowdown in PLTR’s upward acceleration. Expect this should continue to exhibit excellent relative strength and exceed all-time highs on its rally into next Spring/Summer.

Johnson Controls – ($JCI – $77.61)

Support – $73, $69; Resistance – $82, $90

Upticks - September 2024
Source: Trading View
  • Mid-September breakout for JCI coincided with a time that Industrials managed to push back to new all-time relative highs vs. S&P 500 in Equal-weighted terms
  • JCI maintains a beautiful large base since late 2021 and its acceleration in recent weeks should allow for a coming challenge of all-time highs near $82.
  • Weekly momentum remains positively sloped and not too overbought given the consolidation since May which preceded this recent breakout.

*Prices are as of 9/30 close.

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