Daily Plan: Market Review & Focus List (17/4)
Proliferation of Setups & Encouraging Action - Market Overview, Industry & Leading Stock Analysis + 4 Helpful Scans
Hi all! đŸ‘‹
In this article I will cover:
General Market Overview
Chart of The Day
The action displayed by leading stocks with TML potential
Individual Sector Analysis - Which groups are breaking down vs showing relative strength
4 Helpful Scans to get potential leaders on our radar
Links to TradingView watchlists
Personal Portfolio Update
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
The market continues to be resilient within the overall context of this mixed action - I see valid reasons to build a case for either direction but as things stand I am seeing encouraging action in little details:
Strong daily closing ranges (DCR)
Starting to see a proliferation of viable setups which I go over below
Support at key moving averages
Breakout follow through improving
And most importantly - encouraging feedback from open positions and leading stocks.
I think we are at a key spot here with some positive action - the market has not only had every reason to break down, but also several opportunities which ultimately failed - recent days with generalized distribution failed to follow through to the downside and ultimately had these dips bought up in the following sessions.
The key to navigate yourself through this choppy environment is to absolutely have no space for ego - do NOT be afraid to take losses.
Besides not trading - Your best defence to avoiding large losses, is taking small losses.
As I have been doing recently, I continue to focus on ruthlessly cutting losses with no remorse - despite this effecting my win/loss ratio it ultimately works out for me as when a position does get going it pays for several losing trades and more…
SPY 0.00%↑ A strong DCR to close at the highest price since mid-February, prints a constructive inside day right below this key 414 area in line with prior resistance at the top of this base. Key moving averages trending upwards nicely in the right order as dips keep getting bought up:
QQQ 0.00%↑ Really liking this tightening action below its descending trend line - a strong DCR inside day to undercut and close back above the 10EMA within this flag. Looking constructive moving forward:
IWM 0.00%↑ 10 and 20EMAs curling upwards well along with price which is contracting with this inside day today to close below the key 179 area - a push and close above would be very constructive for small-caps moving forward:
ARKK 0.00%↑ Contracting well and getting tight below its descending trend line while forming higher lows - a push above would be a good start to make a move towards the 40.50 area of horizontal resistance:
Chart of The Day
IOT 0.00%↑ Mentioned this setup heading into today’s session and it is encouraging to see this name breakout with authority above its descending trend line.
Pushed +7.03% on a pickup in volume to close the session strong going out at the highs:
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
FSLR 0.00%↑ This is the type of action we want to see - did a great job in tightening up while being supported at the KMAs on weakness and now pushed out above the pivot around 213.5 to close up +5.03% strong on the session:
AI 0.00%↑ Closes strong here going out at the highs of the session to close right below this key 23 area. Proving that the 23 and 24 levels are important and will be watching for a push above along with a reclaim of key moving averages:
PERI 0.00%↑ Back to new highs quickly as it follows through on the recent DTL breakout to close the session +3.95% on increased volume:
MBLY 0.00%↑ Love how tight the key moving averages are getting right below price as it tightens up below this pivot around 43.30:
LSCC 0.00%↑ Had a recent shakeout below the 10/20EMA which was quickly reclaimed after buyers came in to support this right above the 50-day moving average. Now watching this pivot around 93.75 on strength as it closes strong on the session:
TSLA 0.00%↑ Still struggling with the KMAs right above price but has earnings coming on Wednesday which may help decide the direction it goes:
INTA 0.00%↑ This recent relative strength leader may be setting up once more as it closes well within its inside day and below a well-defined area of resistance around 45.20:
MELI 0.00%↑ Still trending well above the 10EMA as it closes strong on the session once more - look at how buyers keep showing up as it only closed below its opening price once in the past 7 sessions:
AEHR 0.00%↑ Still proving that the 30.50 area is an important one here as it attempts. to tighten up. Really want to see a reclaim of the KMAs sooner rather than later here:
NVDA 0.00%↑ Very encouraging action here as buyers push it off the 20EMA well to break above this descending trend line and close strong above the previous session's high:
ELF 0.00%↑ Follows through some more but getting quite extended from key moving averages up here and may need some consolidation/rest to allow them to catch up to price:
DUOL 0.00%↑ Like how this found support at the prior pivot to close strong and 4% off the intraday low. Shakeouts like these often potentially provide additional power for a move in the opposite direction so watching for a push above this descending trend line:
ANET 0.00%↑ Flagging well above KMAs and will be watching action vs this descending trend line up above:
AMD 0.00%↑ Some relative weakness here as it pulls back to find support around the 50-day moving average and area of prior resistance:
ALGM 0.00%↑ Has been showing clear relative strength since the beginning of the year but may now be looking to reverse that as it loses some key levels - clear distribution in today's session with selling on increased volume and an intra-day rejection of the 10 and 20EMAs to then break down below the 50-day moving average and close -3.73%:
In the following sections of the daily plan I go over additional research in preparation for the next session:
✅ Individual sector analysis
✅ 4 Scans with results to get stocks with leadership qualities on our radar
✅ Personal Portfolio Update
✅ Stocks currently on my focus list with actionable trade ideas - The best setups from a risk/reward perspective
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