Daily Plan: Market Review & Focus List (12/4)
Distribution Picks Up Today - Market Overview, Industry & Leading Stock Analysis + 4 Helpful Scans
Hi all! 👋
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 overall market may be seeming to lose some steam as distribution picked up once again - as of late the market environment had been substantially better than what we have been used to, which offered multiple low-risk opportunities in this trade-able rally, while there is no way of saying whether this selling will continue to pick up - the one thing we can control is how we managed risk.
I already sold APPS 0.00%↑ just above break even to protect my cost-basis and sold some more partials of other positions such as AUPH 0.00%↑ into strength (discussed later), I will be focusing on managing open positions and being ready to sell more if weakness does persist as we are at a potentially crucial spot here.
Poor breadth metrics on the session along with poor closes on all indexes and many leading stocks + sectors tells you all you need to know about the overall performance of today’s session as the recent tightness in the indexes was resolved to the downside.
SPY 0.00%↑ Followed up on its poor attempt of a push above this descending trend line to close the session with a bearish engulfing candle as selling picked up into the close to end near the lows of the session. Watching how it acts around the 10EMA and prior resistance around 405:
QQQ 0.00%↑ Fails to push above its descending trend line as it resolves the tight consolidation formed by double inside days to the downside, closing at the lows of the session and losing the 10EMA:
IWM 0.00%↑ Another bearish engulfing candle here to close below the 20EMA once more and close the session near the lows of the day right around the 10EMA:
ARKK 0.00%↑ With some relative weakness once more as it closes down -2.89% finishing the session off right at the lows of the day as it is now back below all key moving averages:
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
SMCI 0.00%↑ I have personally struggled to find low-risk opportunities in this name but it continues to stand out with clear relative strength and thus remains one that I am watching:
INTA 0.00%↑ Tightening up very well under this key level as it continues to flag right at its highs while showing relative strength above KMAs:
ELF 0.00%↑ Another recent relative strength leader, has been a monster since last November with 2 earnings gap-ups and follow through to the upside:
ANET 0.00%↑ Trying to shrug off some weakness as buyers come in around the 20EMA:
DUOL 0.00%↑ Seems to be struggling a bit around the 10EMA and am now watching whether buyers come in slightly lower around the 20EMA:
RMBS 0.00%↑ Continues acting well as it flags nicely below this descending trend line while being supported around the 10EMA:
ACLS 0.00%↑ Sellers coming in once more around the key moving averages and now closing below all KMAs:
ALGM 0.00%↑ Thus far being supported by the 50-day moving average but want to see it push off this area and through the 46.70 area:
MELI 0.00%↑ With quite a reversal on the session to close down -2.26%, watching for potential buyers around the 20EMA:
NVDA 0.00%↑ Closes the session poorly as it loses the 10EMA, still above the 20EMA as things stand but a consolidation in this area is something to be expected:
AI 0.00%↑ Follows up the failed push out last session with additional weakness to come back in and close down -3.12% below all KMAs:
TSLA 0.00%↑ Has been weak lately and this follow-up weakness confirms that there are better stocks to watch right now, sellers come in strong around the 50-day moving average to push this down and close below all KMAs:
AEHR 0.00%↑ More weakness with this rejection right at the 10EMA:
Still running this Easter PROMO till the end of this week:
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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