Top-Performing S&P 500 Stocks to Watch in Early 2024

While the S&P 500 index has shown modest gains in the beginning of 2024, several large-cap stocks are making impressive strides. Leading the pack is Nvidia (NVDA), the top performer in the S&P 500 in 2023, showcasing continued strength. Here are nine stocks that have started the year on a robust note: Nvidia, Palo Alto Networks (PANW), Eli Lilly (LLY), Catalent (CTLT), Merck (MRK), Allstate (ALL), Viatris (VTRS), Intuitive Surgical (ISRG), and Arista Networks (ANET).

Nvidia (NVDA)

• Performance: Up 10.5% in 2024.
• Recent Developments: Found support at the 10-week line, announced new AI chips, broke out of a flat base, and is now moderately extended from the buy point.

Palo Alto Networks (PANW)

• Performance: Rallied 10.3% so far in 2024.
• Recent Developments: Experienced a near-15% spike, actionable on January 9 after retaking the 21-day line and breaking a trendline. The stock is currently extended.

Eli Lilly (LLY)

• Performance: Jumped 10.3% in the new year.
• Recent Developments: Reclaimed the 50-day line, broke a downtrend on January 2, and cleared key resistance on January 3. Still within the buy range with a valid flat-base buy point.

Catalent (CTLT)

• Performance: Gained 9.8% after two weeks.
• Recent Developments: Cleared a cup-with-handle buy point on January 8, and is pausing near the top of the bottoming base. A potential buy point could be 51.79, especially from a weekly chart perspective.

Merck (MRK)

• Performance: Up 8.8% as of January 12.
• Recent Developments: After rising from a near-52-week low in December, MRK stock leapt on January 2 and 7, briefly topping a cup-base buy point on January 9.

Allstate (ALL)

• Performance: Risen 7.9% in 2024, hitting record highs.
• Recent Developments: Moved out of a buy zone within a few days of the new year, trading tightly. A potential entry point is 144.99 as an alternate handle or a four-weeks-tight, near the top of the buy zone.

Viatris (VTRS)

• Performance: Started the year strong, breaking out of a long double-bottom base.
• Recent Developments: Hit a 22-month high on January 10, discussing cash flow projections and capital allocation plans. Pulled back into the buy zone by the end of the week.

Intuitive Surgical (ISRG)

• Performance: Advanced 7.8% through January 12.
• Recent Developments: Pulled back into a cup-with-handle buy zone at the beginning of the year. Preannounced strong Q4 revenue on January 10, resulting in a 10.25% gap-up.

Arista Networks (ANET)

• Performance: Climbed 7% in 2024.
• Recent Developments: Dipped at the start of the year, found support at the 21-day line, and surged on January 8, clearing a three-weeks-tight entry. Currently at all-time highs and extended from key support lines.

These stocks exhibit strong early-year performance, with various catalysts driving their momentum. Investors are closely monitoring their developments for potential opportunities in the evolving market landscape.