Daily plan: market review & focus list (24/4)
Open positions outperform, few leaders break down - 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
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A rest day on the indexes for the most part and continue holding key moving averages on weakness while buyers step in at key areas.
Similar story as open positions continue outperforming and acting well which gave me the ability to justify taking on further risk by:
Initiating ASRT 0.00%↑ on a break of its descending trend line:
SPY 0.00%↑ Strong daily closing range here with an undercut and close above the 10EMA - continues tightening up below the important (414) area I am watching closely on strength:
QQQ 0.00%↑ Takes a rest day here under its descending trend line as buyers step in to scoop up intra-day weakness at the 20EMA. Want to see these lows hold moving forward and a push out of this formation on strength:
IWM 0.00%↑ Another tight close ending the session -0.07% as it continues its trend of choppy action over the past 5 weeks. Want to see a push above 179 if buyers find their footing here:
ARKK 0.00%↑ Continued weakness since losing its key trend line and now has key moving averages curling to the downside along with price:
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
MAXN 0.00%↑ Good follow through and now around +12% since the base breakout right above 29. I like the character change since the +44% earnings gap-up and this recent move to the upside on volume has been encouraging:
MBLY 0.00%↑ A nice retest and hold of the 43.30 pivot after pushing above nicely. Now pushed off the 10EMA to close right near previous highs with a strong DCR:
HIMS 0.00%↑ Strong action with standout volume characteristics lately - has been acting very well since the recent descending trend line breakout above the (10) spot. Struggled with the key area (12) in today's session and may need some rest here to allow KMAs to catch up to price before attempting to push out once more:
ONON 0.00%↑ Intraday weakness gets bought up well here as it pushes once more to a close at the highest price since early 2022 - expecting some rest now and will be watching the 10EMA to act as support:
ACLS 0.00%↑ Holds this retest of support around the 121 area and now looking for this area to hold on weakness. Still struggling with key moving averages right above and would like to see a push above 128 on strength:
DUOL 0.00%↑ Tried to getting going above this 142.50 area but eventually squatted to close the session below the pivot - looking for the 10EMA to hold on weakness:
NVDA 0.00%↑ Undercuts the previous session's low but was able to push into the close to end the session above the 20EMA which is the key area I am watching here:
MELI 0.00%↑ With a retest of this recent pivot as it pushes off the intra-day lows to close back above the 20EMA while consolidating below this descending trend line:
AMD 0.00%↑ Loses the 50-day moving average and area of previous resistance around 88.50. 10 and 20 EMAs are now curling to the downside and this overall picture may indicate some weakness ahead:
ELF 0.00%↑ Ends its run of consecutive up days with 11 in a row with today's down day on a pick up in volume - the key is how this handles weakness moving forward - whether it is able to flag out constructively or if sellers come in strong to break this down:
FSLR 0.00%↑ Gaps down on an analyst downgrade and like how this weakness was bought up to close right at the highs of the session on an increase in volume:
IOT 0.00%↑ Flagging out at the highs here as it comes into the 10EMA - ideally want to see a positive reaction off this level into tomorrow's session:
INTA 0.00%↑ Losing some key areas here as selling picks up on volume to close -4.58% on the session. 20EMA has been a key area where buyers showed up along this whole run upwards so failure to continue this may indicate a loss of momentum. Want to see how it acts around the 50-day:
Seeing further signs of weakness as these previous leadership quality stocks undergo distribution on volume in today’s session:
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
Individual Sector Analysis
I am linking the sectors watchlist in tradingview for your convenience, here
XLE 0.00%↑ With a strong reaction to the 20EMA to close strong up +1.53% and under this key pivot around 87:
XLV 0.00%↑ Health care with good follow through on this descending trend line breakout after flagging down to the 10EMA:
XLU 0.00%↑ Like how this overall base in utilities is coming together with a strong close on the session to end just below the (70) pivot as the 10EMA continues to provide support:
XLP 0.00%↑ Good action to hold the gap with this inside day and a close right near the session's highs as it continues moving away from the base pivot around 75.67:
XHB 0.00%↑ Homebuilders continue acting well after pushing through the pivot (68) and now setting another spot right under the (70) level:
TAN 0.00%↑ Solar gets bought up from the intra-day lows as support came in right around the 20EMA - like how this is flagging out here:
SMH 0.00%↑ Similar to AMD 0.00%↑ in that this is now below the key area of 248.50 and the 50-day moving average - key is how it responds from here:
Scans
52 Week highs
9 Million breakout
+10% Breakout
Pocket Pivot
Personal Portfolio Update
Made 2 trades today:
GLBE 0.00%↑ Tried this descending trend line setup as it was acting well and being supported at the 50-day moving average but reversed quickly to go negative on the session and I closed this for a -1.43% loss:
ASRT 0.00%↑ Bought this descending trend line setup here as I like the momentum it has been showing and how cleanly it has been trading through pivots on this uptrend. I like how this got nice and tight right at the key moving averages:
Focus List
Reminder to NOT force anything in this kind of environment and rather wait for your edge to show up clearly!
High-Volume Close