Daily Plan: Market Review & Focus List (10/4)
Gap-Down Gets Bought Up - 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 give feedback loud and clear - at this point no matter the negative news you are hearing, or any personal bias you may have, you must clearly see the material shift in the market.
Previously, as happens in bear markets, even strong opens and gap-ups would get sold into to close weak on the session. Now, as seen today, even gap-downs are encountering buyers stepping in at logical areas of support as dips keep getting bought and breakouts follow through.
My main indicator of market health is monitoring the action of my open positions, which have been acting very well with recent follow through:
Indexes:
SPY 0.00%↑ Gap-down related weakness was supported well at the 10EMA to push off that area and close strong on the session above last session's high. Watching the 410 area on strength:
QQQ 0.00%↑ Prints a constructive inside day going out near the highs of the session after also reacting well to the 10EMA:
IWM 0.00%↑ Pushes above last session's inside day high and reclaims the 10 EMA as it attempts to form a higher low around here:
ARKK 0.00%↑ Another inside day here right below the 20EMA while this also attempts to carve out a higher low:
Leading Stocks Analysis
Extremely strong daily closing ranges all over the board - encouraging action:
I am linking the leaders watchlist in tradingview for your convenience, here
AEHR 0.00%↑ Strong showing on the session but still below all key moving averages following some recent weakness:
SMCI 0.00%↑ Another strong close here as it continues the recent trend of shrugging off weakness - can't keep this one down for long as it reclaims the KMAs quickly:
FSLR 0.00%↑ Wanted to see last week's low hold and was good to see a strong reaction off that level coinciding with the AVWAP from earnings gap-up with a coinciding KMA reclaim:
ONON 0.00%↑ With a nice push through the AVWAP from its recent earnings gap-up as it closes at the highs of the session once more:
MBLY 0.00%↑ Liking how volatility is coming down a bit in what previously a wild-ranging name as it continues forming higher lows - now focusing on watching for a push through the KMAs:
RMBS 0.00%↑ Follows up on its recent strength with another strong close on volume - pushes above its DTL after finding buyers at KMAs:
ALGM 0.00%↑ So far a positive reaction to the 50-day moving average and want to see this level hold moving forward:
INTA 0.00%↑ Really liking how this has been tightening up as it flags constructively above the 10EMA:
IOT 0.00%↑ With a tight day right at key moving averages to close strong on the session:
DUOL 0.00%↑ Liking the action here with an inside day above the 20EMA as it consolidates below its DTL:
PERI 0.00%↑ Flagging nicely above the 20EMA:
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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