Daily Plan: Market Review & Focus List (15/3)
Strong DCRs - 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 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
Still seeing mixed action overall with no reason to get too heavy in either direction, I continue to stress the importance of detaching yourself from the emotional aspect of trading and the need to be:
Right
First
These are both concepts related to our egos and offer no value to a proper, well-defined trading system.
From this session we can see negative breadth with an overwhelming amount of declining issues vs advancing as we witness a recent pickup in volume over the last few days.
We are still well off the highs on the indexes, with none of the above being less than -15% from the highs and can clearly conclude that we are most certainly not in an up-trending market - it is important to be aware of this and the overall conditions of the market we currently find ourselves in to prevent forcing trades and making decisions that would be detrimental to our equity.
On the other hand, the strong daily closing ranges (DCRs) shown below are an encouraging sign of underlying strength on an intra-day basis:
SPY 0.00%↑ Closes -0.63% on increased volume near the upper end of the intra-day trading range after breaking below last session's low, the 10 and 20EMAs continue trending down:
QQQ 0.00%↑ Clear outperformance here with a bullish engulfing candle to close +0.52% above last session's high and push above the DTL mentioned earlier:
IWM 0.00%↑ Small-caps continue showing relative weakness and back-up the suspicion that the overall market may be being held up buy buying in large-caps, thus hiding the overall overwhelming negative breadth today as the IWM closes -1.65% on increased volume:
ARKK 0.00%↑ With a nice upside reversal on volume to close right under the 50DMA and 10EMA. Now watching it vs this DTL right above:
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
ATAT 0.00%↑ Loses the key area I have been mentioning around the 23 level and follows through downwards as seller were in control to take it down -13% intraday, did push off the lows to close at just -4.56%:
NVDA 0.00%↑ Continues to be range-bound between 2 key levels as it shows demand is present with another strong close after finding buyers at the 10EMA:
IOT 0.00%↑ Another positive reaction to the HVC and 10EMA, demand is there in this name and like how it is flagging out:
MBLY 0.00%↑ Continues to show encouraging action as it undercuts the 10&20EMA intraday and then closes strongly above, flagging below this DTL and would like to see it tighten up some more:
FSLR 0.00%↑ Once more holds the AVWAP and 10EMA after testing them on an intraday basis - showing clear demand at these areas as it holds above the 200 whole number mark:
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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