Daily Plan: Market Review & Focus List (23/3)
Mixed Action Continues - Market Overview, Industry & Leading Stock Analysis + 3 Helpful Scans
Hi all! 👋
In this article I will cover:
General Market Overview
The action displayed by leading stocks with TML potential
Individual Sector Analysis - Which groups are breaking down vs showing relative strength
3 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
Action continues to be extremely mixed and at this time not much more than a chop fest. If you zoom out on the indexes you can see that with all the week to week volatility we have gone virtually no where over the past year:
Market initially responds relatively well to the cluster of distribution found heading into yesterday’s close with so many stocks closing right at the lows of the session - followed by some initial strength today but ultimately leading to more poor daily closing ranges overall.
The market continues to show clear bifurcation between the action in tech and anything else - look no further than the difference between price and the 50DMA for the QQQ 0.00%↑ Vs SPY 0.00%↑ IWM 0.00%↑
Opted to close out any open position and return to 100% cash in today’s session - action is currently still so volatile and continuously indicating indecision to a point where despite still being able to make $ in this environment, it is very much a hard penny environment. I am not bothered if I seem to be defensive or cautious, that is because I am - my edge is in being patient for an excellent market backdrop to show up where I know I can make a substantial gain in my portfolio quickly by taking optimal r/r setups, rather than fighting for every little move up and down to barely make a dent.
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
ONON 0.00%↑ Followed through on the earnings gap up with impressive strength here - both price and volume responded excellently to close strong up +11.99% with the 2nd highest volume ever:
AI 0.00%↑ Responded well to the 22.50 key area we have been mentioning and pushed out above from that mini consolidation - eyes are on forming a potential triple top if price can make it back up to the 30 area:
AEHR 0.00%↑ Impressive follow through strength here with a gap and go to push above last session’s highs and close strong up +8.5% after a recent DTL breakout:
INTA 0.00%↑ Continues to act well with impressive action since finding support right at the 20EMA and pushing through its DTL:
MBLY 0.00%↑ Reacts well to the 20EMA once more and may be setting a spot under this DTL:
ELF 0.00%↑ Continues acting well while it attempts to set a spot right under this 76 level after a recent shakeout below short term KMAs:
ON 0.00%↑ like how this is tightening up right below the 82.70 region:
FSLR 0.00%↑ Not what I wanted to see here with this squatting it’s breakout - one of the reasons I got more cautious with my positions as strong stocks squatting their breakouts may signal a potential for more income weakness:
PERI 0.00%↑ Following through nicely since breaking above this DTL:
RMBS 0.00%↑ Holding well above all KMAs here as it tries to set a spot right under the 46.30 area:
TSLA 0.00%↑ Giving some back but still holding nicely above all KMAs, watching closely to see if it can hold this area or lose the KMAs and head back into that 186-176 range:
MELI 0.00%↑ Flagging well right at the short-term KMAs and below this DTL:
In the following sections of the daily plan I go over additional research in preparation for the next session:
✅ Individual sector analysis
✅ 3 Scans with results to get stocks with leadership qualities on our radar
✅ Personal Watchlist - The best setups from a risk/reward perspective
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