Daily Plan: Market Review & Focus List (1/3)
Including Sector & Leading Stock Analysis Along with 3 Scans
Hi all! 👋
In this article I will cover:
General Market Overview
Sector Analysis - Which groups are breaking down vs showing relative strength
The action displayed by leading stocks with TML potential
A Personal Portfolio Update
3 Helpful Scans
Links to TradingView watchlists
Stocks currently on my focus list with actionable trade ideas
General Market Overview
The indices closed poorly following a morning gap-up which shortly after found resistance at key moving averages as seen below:
When studying the above charts and seeing the rejections at KMAs, poor closes and recent distribution in these potential bear flag formations - it may look like the general could be setting up for another leg downwards.
Sector Analysis
The majority of sectors I track closed negative on the sessions, the standout factor was the extreme relative weakness in Energy and Oil, which up until recently had been 2 sectors displaying relative strength.
I am linking the sectors watchlist in tradingview for your convenience, here
The distribution seen across the Oil sector today was a result of this bear flag breakdown:
Also watching the semiconductor sector SMH 0.00%↑ closely for a similar situation as I see a bear-flag potentially setting up here too:
Leading Stocks Analysis
I am linking the potential leaders watchlist in tradingview for your convenience, here
IMVT 0.00%↑ continues to march on up following and upgrade in price target from wells Fargo
TMDX 0.00%↑ - One which up until recently was displaying some really nice relative strength and looked to be tightening up, now completely went against that with a wide ranged bar of distribution, typical bear market action
NINE 0.00%↑ - What I considered to be the strongest stock in the market as of late got hit hard today closing -12% after hitting new highs. Still above all KMAs as things stand but will be watching for a potential breakdown.
Considering adding ATAT 0.00%↑ from the latests focus list, to the above list after some standout action today with a nice display of relative strength.
Portfolio Update
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