Daily Plan: Market Review & Focus List (30/3)
Seeing An Encouraging Amount of Follow Through
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
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
Continued improved market health as the SPY 0.00%↑ and QQQ 0.00%↑ trend well above the 50-day moving averages with respectable breadth metrics as NYSE advancing issues outweighed declining by 1172.
Getting a bit stretched and potentially short-term extended up here as the indexes have ran up quite a distance quickly over the last few sessions. Not saying this is impossible to continue but the odds do decrease and rather favour a potential short pullback if weakness begins to become more apparent all around - after 2 consecutive gap ups.
Open positions have been working excellently with impressive follow through and my focus continues to be trimming some into strength when extended to de-risk those trades as well as giving them enough space and time to run their course:
SPY 0.00%↑ Holds up the gains of the previous session with an additional gap-up. Now nicely above the 50-day and out above its trend line:
QQQ 0.00%↑ Impressive and very encouraging action here as we reach the highest price since August 2022. Quickly reclaimed the key 311-312 area and followed through on that with this session’s gains:
IWM 0.00%↑ ran quickly off the lows and may have gotten ahead of itself as it finds sellers firmly at the 20EMA to close poorly on the session:
ARKK 0.00%↑ Similar to above as it showed weakness with a clear rejection at the 50-day moving average:
Chart of The Day
XPON 0.00%↑ Another breakout here as it continues showing pure momentum as it is now +550% off the late December lows. A good chart to study from a price and volume perspective and one you can mark-up for potential entry points along the way. Really like the respect it has shown towards key moving averages throughout its run:
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
AI 0.00%↑ With a nice breakout and strong close after pushing through its descending tend line. Has been acting very well since pushing thru the key 22.50 area:
RMBS 0.00%↑ This is excellent action and exactly what we want to see a proliferation of - breakout to new highs on volume with immediate follow through both in price and volume:
IOT 0.00%↑ More encouraging action as it breaks above its descending trend line we have been watching to close strong on the session:
MELI 0.00%↑ Follows through on its descending trend line breakout well with a +3.42% move and strong close:
ON 0.00%↑ Ran up quickly the last few sessions off the back of a 50MA shakeout to reclaim all key moving averages and head back up towards potential resistance:
ONON 0.00%↑ Showing it may need more time to get going out of this short flag and odds of a successful breakout increase with a more sound consolidation:
DUOL 0.00%↑ Loving the tightness here but would like to see it break out to the upside rather quickly - not ruling out a potential shake out below KMAs to add fuel to that either:
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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