Hot Corner Insider Weekly Report - August 27, 2024

August 27, 2024

From the Desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts

Welcome to the Hot Corner Insider Weekly Report!

As you know, we spend a lot of time tracking insider activity to come up with this universe.

But that’s only half the battle!

Once we identify the names insiders are targeting, we overlay our expert technical analysis to see if the market agrees with their actions.

While we track some of the most powerful and well-informed market participants… we aren’t just going to follow them blindly into their trades.

We want to see that the insider activity is confirmed by the trend before we get involved.

When we can check both boxes, we identify asymmetric risk/reward setups and then jump in and ride these trends higher alongside the smart money.

Let’s get started!

Our first setup of the day is the Nasdaq Inc $NDAQ:

One year ago, the chair and CEO, Adena Friedman, announced a purchase of 10,000 shares.

As you can see, NDAQ is in the process of completing a multi-year consolidation pattern.

If and when it reclaims its prior cycle peak from 2021, we believe this stock will kick off a fresh leg higher.

We want to wait for a decisive resolution above 71.50 to get long NDAQ. We’re targeting 87 over the next 1-3 months.

Last but not least, we have a $36B consumer credit reporting agency Equifax Inc $EFX:

In October last year, director Melissa D. Smith revealed a purchase of $151,971.

The stock is putting the finishing touches on a three-year basing pattern.

Price is currently challenging a critical resistance level.

We’re buyers only on strength above 300 with a target of 400 in the coming 2-4 months.

Have a great week, everyone!

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