Daily Plan: Market Review & Focus List (26/4)
Poor closes and negative breadth - Market Overview, Industry & Leading Stock Analysis + 4 Helpful Scans
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General Market Overview
Another session of negative breadth metrics and poor daily closing ranges all around
The SPY 0.00%↑ and QQQ 0.00%↑ getting close to the 50-day moving average while the IWM 0.00%↑ and ARKK 0.00%↑ are around -5% and -10% off the 50-day, respectively:
SPY 0.00%↑ Follows through to the downside after yesterday’s weakness and an intraday rejection of the 20EMA. Loses and closes below a key area of prior support around 405 - now heading towards the 50-day moving average and will be watching if buyers are able to show up here:
QQQ 0.00%↑ Gaps-up on MSFT 0.00%↑ earnings to get rejected intraday at the 10EMA and close near the lows of the session. Inside day with a poor close but still above the 310 area of previous resistance and watching whether this area can hold as support:
IWM 0.00%↑ From the top of this range to the bottom in just a few sessions - another session of selling on increased volume here but holds the lower end of this box and the key area around 171 with this close at the lows of the session:
ARKK 0.00%↑ Really shows how sellers have been in control since losing its ascending trend line - 3 sessions of selling on increasing volume in a row now with another poor close in today's session:
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
NVDA 0.00%↑ Nice to see this move away from the previous session's poor close and gap-up to close back above the 20EMA - watching this descending trend line moving forwards and want to see the 20EMA hold:
AMD 0.00%↑ Gaps-up but struggled to close strong on the session - still watching the key area around 88.50 and the 50-day moving average for a reclaim but would not be surprised to see sellers come in once more around those areas:
ON 0.00%↑ Quite a strong close all things considered but nothing more than a dead cat bounce as of right now - difficult to get excited when we are below all key moving averages that are also declining:
ONON 0.00%↑ This is one I am focused on and stalking for future entries if the market can get healthier - encouraging to see it hold the 10EMA and previous resistance around 32 and was able to push out to new highs but close around mid-range on the session:
ELF 0.00%↑ Continues proving its strength as this had an opportunity to follow through downwards after its recent run but was able to find buyers at the 10EMA and close strong on the session:
ANET 0.00%↑ Tried to get going above the 10 and 20 EMAs after finding support at the 50-day MA but sellers came in to push this back down and close below:
RMBS 0.00%↑ OEL (Open = low) candle on the session but struggled to close above previous resistance as sellers were encountered from the underside of the 50-day MA:
INTA 0.00%↑ Good to see this holding the 50-day so far and encountered sellers at the 10 and 20 EMAs - want to see a reclaim of these quickly but so far acting well:
HIMS 0.00%↑ Acting decently with this mid-range close above the 10EMA - another strong stock I am watching closely for future low-risk entries:
ACLS 0.00%↑ Tried to reclaim an area of previous support but found sellers intraday to push this back down and close at the lows of the session:
DUOL 0.00%↑ Poor action with this bearish englufing candle on the session to close right at the 20EMA:
IOT 0.00%↑ 3 sessions in a row of heavy selling and another poor close at the lows of the session to end -16% off the recent highs. Now watching if buyers step in right around the 50-day:
MBLY 0.00%↑ Was acting very well up until today - sellers came in to close this -3.86% on a pickup in volume. Now below the most recent pivot, 10EMA and 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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