Daily Plan: Market Review & Focus List (13/3)
Some Potential Leaders Show Upside Reversals - Market Overview, Sector & 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 Industry Analysis - Which groups are breaking down vs showing relative strength
3 Helpful Scans to get potential leaders on our radar
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
Think it is extremely important to be extra careful here as the wide ranges and clear volatility in the market are giving us warning to limit our exposure here. Volatility is the enemy of a trader focused on tight risk management and so would be more ideal to wait for your pitch and thus a healthier market environment with more follow through.
In my opinion less is more and efforts should be on protecting mental and financial capital rather than trying to be the first one in and catch every market turn:
SPY 0.00%↑ Closes down on a pick up in volume for the second session in a row. Was up +1.10% at one point early on in the session but had some of that strength sold into as sellers gained control into the close to end the session with a mediocre DCR but off the lows of the day. Short-term KMAs continue trending downwards:
QQQ 0.00%↑ Showed some strength against the other major indexes as was up +2% at one point in the session as it pushed above Friday's high, but similarly had a mediocre close as it encountered some sellers at the 10EMA to close just above the 50DMA:
IWM 0.00%↑ with its 3rd gap-down in a row as the small-caps fell -1.63% on a +205% increase in volume. Well below the 50DMA as short-term KMAs continue trending downwards:
ARKK 0.00%↑ Pushes above last session's highs to close +2.67% on a +115% increase in volume but still below the 50DMA and declining short-term KMAs:
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
ATAT 0.00%↑ Strong push off the key area in the 23 region mentioned last article as buyers were found to close +5.41% and above the 50DMA but below the short-term KMAs:
AI 0.00%↑ Consolidating between the 20-30 region and holds the key area of the lower end of this box today as it showed relative strength to close +2.3%:
MBLY 0.00%↑ Continues trending nicely above the 50DMA with an upside reversal after gapping down and quickly reclaiming the 50DMA to close positive on the session:
LSCC 0.00%↑ A nice test of demand after gapping down as buyers were found at the 20 EMA:
IOT 0.00%↑ Strong action since gapping up on earnings and now finds buyers stepping at the 10EMA:
TSLA 0.00%↑ Strong demand found at the 50DMA with an upside reversal after gapping down:
NVDA 0.00%↑ Retests previous highs and found support at this key area coinciding with the 20EMA:
FSLR 0.00%↑ Pulling back nicely after gapping up on earnings as it consolidates nicely above the 10EMA and AVWAP from earnings:
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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