Daily Plan: Market Review & Focus List (12/28)
With Sector analysis, Leadership analysis & Personal Portfolio Updates as we head into the year-end.
Hi all! đŸ‘‹
In this article I will cover:
General Market Overview
Sector Analysis - Which groups are breaking down vs showing relative strength
The action displayed by leading stocks with TML potential
A Personal Portfolio Update
Links to TradingView watchlists
Review of today’s focus list
Stocks currently on my focus list with actionable trade ideas
General Market Overview
A continued and quick deterioration in breadth as the % of stocks above the 50MA takes a quick hit as the vast majority of the market continue to undergo distribution.
The SPY 0.00%↑ and IWM 0.00%↑ both followed through with a breakdown of the bear-flag mentioned in yesterday’s market review:
All 3 indices closed off the session at their lows with poor attempts of a bounce intraday which could not hold strong and find any supportive action whatsoever.
The QQQ 0.00%↑ slices through yet another level of support as there seems to be no end in sight for all the bottom fishers who attempt to catch the falling knife that is this market.
All indices continue to have a trend that is firmly down as KMAs continue to trend downwards along with price.
Sector Analysis
No shortage of distribution when looking at it from the individual sectors side of things as XBI 0.00%↑, which has been a complete chop-fest as of late, managed to be the lone wolf that ended up positive in all sectors that I track.
With the average component being down -1.43%, this clearly shows what strong headwinds we have fighting against us if we were to try and force some long trades in this kind of market, yet again suggesting that the best course of action at this time is to remain patient until better opportunities present themselves.
I am attaching a link to this watchlist in tradingview, here
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