Daily Plan: Market Review & Focus List (20/3)
Proliferation of Setups Into Tomorrow - Market Overview, Industry & Leading Stock Analysis + 3 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
3 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
As per my system - my focus is always on the setups and action of potential leadership first and everything else after.
From an unbiased point of view, with all the negative headlines we have seem over the past few weeks - the potential leaders I track have had every reason to completely break down, but rather, I see relative strength and signs of healthy bases in individual strong stocks which continues to be encouraging.
Aside from this, another great indicator for the overall market environment is how the setups you take act after entry - and after buying a descending trend line breakout in DUOL 0.00%↑ mid-last week this has continued to show signs of strength with encouraging DCRs which allows the flexibility of potentially financing the risk to take on other positions should sound setups form.
Risk is still VERY HIGH here and that should be taken seriously - we are still in a heavily news-driven market with important events coming up this week including a highly anticipated FOMC meeting this Wednesday.
SPY 0.00%↑ Closes strong up +0.96% to print an inside day and reclaims the 10EMA once again. May catch a pop if it pushes above this descending trend line:
Weekly shows higher lows as it continues to form this long base:
QQQ 0.00%↑ Continues to show signs of strength here as it recovers from a morning gap-down followed by additional selling to close up on the session below a descending trend line:
IWM 0.00%↑ Was sold down from its intra-day highs to still close positive on the session at +1.3%. Still watching the important 171 area:
ARKK 0.00%↑ Lost the 10EMA, 20EMA and 50DMA today with some weakness but still flagging decently in this overall formation:
Chart of The Day
RETA 0.00%↑ Seems to be coming together very well after gapping up +198% on its highest volume ever recently. Now trying to round out this short-base after pulling back slightly:
- Clear momentum leader
- Handled the pullback very well not giving much back at all
- Did not even undercut the 10EMA
- Strong daily closing ranges
Really reminds me of AKRO 0.00%↑ from September 2022 both having high volume gap ups followed by sound short-term consolidations:
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
FSLR 0.00%↑ Top focus here with some very encouraging action as it reacts positively to the 20EMA with buyers stepping in. Closes strong on the session as it prints an inside day right below this DTL:
ALGM 0.00%↑ Buyers step in at the 10EMA once more as demand continues coming up - barely letting it reach the 20EMA:
INTA 0.00%↑ An attractive risk/reward setup here as it flags nicely and tightens up while trending nicely along the 20EMA and now has a DTL above:
LSCC 0.00%↑ Semiconductors continue showing relative strength and potential leadership while this trends nicely along the EMAs and forms a sound base right below the 93 area:
ACLS 0.00%↑ Dips down to the 10EMA intraday as buyers step in to close it strong +2.57% within this inside day:
ON 0.00%↑ Another strong semiconductor trying to tighten up below this 81 area after buyers stepped in quickly at the 50DMA:
RMBS 0.00%↑ Prints a narrow ranged inside day right above the 10/20EMAs and now has a DTL above:
ATAT 0.00%↑ Continues to hold the key 23 area in this overall structure but struggling to reclaim the key moving averages above - flagging out below this descending trend line:
AEHR 0.00%↑ Encouraging action with this tight inside day right above the KMAs that are tightening up as it sits below this descending trend line:
MBLY 0.00%↑ With a mediocre close but continues to follow through since breaking above this descending trend line after reacting well to key moving averages:
ELF 0.00%↑ Quickly reclaims the short-term KMAs after a recent shakeout and now watching action vs the 75 region that is setting a clear pivot:
NVDA 0.00%↑ Recovers well from the morning gap-down to close positive on the session showing demand is very clear here:
ANET 0.00%↑ Continued strength as it holds its recent gains and gives little back:
AI 0.00%↑ Still range bound between the 20-30 areas which may catch a pop if it pushes above the 22.5 region that would coincide with a 10/20EMA reclaim:
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 Portfolio Update
✅ Personal Watchlist - The best setups from a risk/reward perspective
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