Daily Plan: Market Review & Focus List (8/3)
Demand Comes In At Key Areas - Market Overview, Sector & Leading Stock Analysis + 3 Helpful Scans
Hi all! đŸ‘‹
In this article I will cover:
General Market Overview
The action displayed by leading stocks with TML potential
Sector Analysis - Which groups are breaking down vs showing relative strength
3 Helpful Scans
Links to TradingView watchlists
Stocks currently on my focus list with actionable trade ideas
Stockbsessed is neither an investment or financial advisor. Stockbsessed does not provide financial advice and none of the information being provided is to be seen as such.
General Market Overview
While the indexes closed the session relatively unchanged, intra-day volatility was still on the high end of things as wide-ranges were the part of the story once more. Despite the volatility, I see this action as quite constructive as the indexes found support at key areas and went on to close the session with strong daily closing ranges, along with this, positive breadth metrics were also present as the SPY 0.00%↑ just barely managed to close over the 50-day moving average once more:
SPY 0.00%↑ Shook-out below the previous session’s low and reversed intra-day to close strong in the upper part of the trading range of the session and simultaneously reclaim the 50MA. Short-term KMAs right above with the 410 area still proving to be important:
QQQ 0.00%↑ Even better action here as it found support at the key area marked below that proved to be previous resistance as this also shook-out below last session's lows and went on to close strong above short-term KMAs with the 50MA also trending up as it now consolidates below this DTL:
IWM 0.00%↑ Still managed to close positive on the session but with a worse DCR than the above 2, found support at the 50MA:
ARKK 0.00%↑ Below short-term KMAs but above the trending 50MA, still below the key 41 area I am watching:
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
ON 0.00%↑ Really nice push out above this pivot it formed right under the 80 area as KMAs tightened up, to close strong +5.59% on the session:
IOT 0.00%↑ Continues to show relative strength after the recent +15% earnings gap-up as it flags out up here and gives very little back, one of the earnings winners from this quarter that is worth keeping an eye on IMO:
FSLR 0.00%↑ Similar to above as continues on with undeniable strength and very little give-back, positive volume characteristics and DCRs showing up:
MELI 0.00%↑ Broke out above the pivot around 1230 and now retesting that area, great to see the quick reactions off these key areas as demand quickly comes back in - flagging nicely here:
MBLY 0.00%↑ Seeing how this develops as it retests and holds a key area, liking how this is flagging out right at KMAs after recently finding demand at the 50MA:
AI 0.00%↑ Comes back in to the 10EMA as it gives back some gains, still holding above the earnings day low and flagging out:
LTH 0.00%↑ With a wild reaction to earnings and some intra-day volatility, finds support at the 50MA but do not want to see it lose this area and the low of the day:
TMDX 0.00%↑ Continues trending nicely as it finds support right above the 10EMA
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