Daily Plan: Market Review & Focus List (27/3)
Breakout Failures Continue - Market Overview, Industry & Leading Stock Analysis + 3 Helpful Scans
Hi all! đŸ‘‹
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
Mixed market action continues in the form of thin participation from the breakout side of things - unfortunately in typical Monday morning gap-up fashion this invalidated several low-risk potential setups I came across over the weekend.
Many of those initial breakouts went on to fade early on in the sessions as sellers quickly gained control and resulted in failed breakouts - my number 1 indicator of market health is how leading stocks are setting up and acting, this lack of break out follow through continues to be the main component that is holding me back.
Interestingly, despite seeing several setups I was tracking go onto fail - the NYSE did close off the session with positive breadth metrics as advances overwhelmingly outpaced declines with a difference of +1448.
SPY 0.00%↑ Gaps above the descending trend line we mentioned over the weekend and holds it with an intra-day retest. Gives back most of the gains on the session but closes above the DTL regardless while reacting well to the 20EMA with recent higher lows:
QQQ 0.00%↑ Tried pushing out above previous session's high but eventually squatted to close negative on the session. Still rounding out its base nicely while flagging above the 10EMA:
IWM 0.00%↑ Gaps-up at the open but gave back some after encountering sellers at the 10EMA to close below that:
ARKK 0.00%↑ Also tried pushing above its descending trend line but fails that breakout as sellers came in strong right at the 10 and 20 EMAs to close almost unchanged on the session:
Chart of The Day
HROW 0.00%↑ Acts very well after its earnings release to show extreme relative strength on the session by closing up +16.50% and going out at the highs:
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
INTA 0.00%↑ Continued strength since breaking above this descending trend line while respecting the 20EMA nicely:
DUOL 0.00%↑ Continues acting well and remains a key focus for me as it gives little back up here and attempts to flag out:
RMBS 0.00%↑ Buyers came in strongly at the 10EMA to push this into the close to finish strong up +2.68% at the top end of this base:
ELF 0.00%↑ Follows through nicely on the breakout last Friday as intra-day dips got bought quickly:
TSLA 0.00%↑ Would have liked to see a stronger close here but continues to hold a key level while being supported above the 10/20EMAs:
AI 0.00%↑ Nice action as demand steps in to push it off the intra-day lows and close positive after being down around -3% at one point:
FSLR 0.00%↑ Setup well right below this DTL but gapping up above this area may have caused it to get ahead of itself leading to this squatting action:
MELI 0.00%↑ Another one where I would have preferred to see a strong response to this DTL:
ALGM 0.00%↑ Acting relatively well as it prints an inside day closing right above the 10EMA:
AEHR 0.00%↑ Flagging once more up here:
NVDA 0.00%↑ Flagging nicely as it gives very little back after showing clear strength on its recent move up - remains the liquid leader IMO:
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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