Not Just Tech: The Hidden Bulls of 2024

At the start of the year, the bears were all too eager to point out that only a handful of mega-cap tech names were propping up the market. They spun a narrative that the rally was narrow, unsustainable, and destined to unravel. Fast forward to October, and it’s clear that couldn't be further from the truth.

Take NextEra Energy (NEE), for example—hardly the flashy, tech behemoth you'd expect to carry the market. But there it is, making new 52-week highs.

Or how about Walmart (WMT)? The retail giant is also breaking into new 52-week high territory. Does that sound like one of those tech names that was supposedly carrying all the weight? I didn't think so.

The point is this: the bull market has broadened. It’s not just about the big tech names anymore; we're seeing strength across multiple sectors. The bears' narrative is stale, and the data proves it.

Get My Chart Layouts for ThinkorSwim

Let’s talk about another stock that’s quietly making moves—Waste Management (WM). We have a trade idea on WM. The daily chart recently reclaimed its 52-week high AVWAP and is trading above its 38.2% Fibonacci retracement level. It’s close to breaking out of a downtrend that’s been holding it back, and if this one is above 207, we want to be long.

What's Next?

In 2024, the winners are far more diverse than anyone expected, and the keen investors have been able to take advantage of opportunities beyond the tech giants. Keep your eyes open, because this rally has legs across sectors, and the real gains might come from the names nobody's talking about—until now.

Stay tuned, because there are plenty more opportunities out there, if you know where to look.

For now, keep an eye on our trade products like Zone Finder and Pulse Radar for more actionable ideas that can help you stay ahead of the curve. You can get access to them here

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