Daily Plan: Market Review & Focus List (2/5)
How things are looking Pre-FOMC - Market Overview, Industry & Leading Stock Analysis + 4 Helpful Scans
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General Market Overview
This market is struggling to build on any of the short-lived display of strength as we remain in a highly volatile, hard-penny environment.
My focus will remain on protecting both my financial and mental capital by not forcing trades or taking sub-par opportunities.
I am focused on letting the market come to me and “pull me in” with a healthy number of setups and confirmation that breakouts are working - which as of right now, is not the case.
To add to the already volatile environment we are in - FOMC tomorrow is a highly anticipated event which is more than likely to add to this volatility, so as always, focus on risk management first.
SPY 0.00%↑ Follows through downwards on yesterday’s reversal around resistance to close -1.12% on increased volume
Weak on the session but was able to close off the intraday lows and above the 20EMA while it remains range bound between these 405-417.5 areas:
QQQ 0.00%↑ Loses the key area I have been watching around 320.75 and closes below it with a poor daily closing range. Buyers showed up around the 10EMA once more on an intraday basis and would like to see this area continue holding:
IWM 0.00%↑ Particularly weak on the session as it undergoes selling on increased volume to close with a poor DCR on the session.
Also undercuts the key area of previous support right around 171 but was able to close back above:
ARKK 0.00%↑ More weakness here with a very poor close going out right near the lows of the session.
Loses an area of support and close back below the 35 spot - has been extremely weak as of late and shows the difficulty trading such names in this market environment:
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.
Leading Stocks Analysis
Average close: -2.76%
I am linking the leaders watchlist in tradingview for your convenience, here
RMBS 0.00%↑ Good to see this previous leader respond well to earnings by closing strong on the session up +7.13% while printing its highest volume session in over a year (HV1)
Now back above all key-moving averages with the 10/20 EMAs curling upwards:
LSCC 0.00%↑ With a good daily closing range on the session after gapping-up after responding well to earnings but struggled intraday as sellers came in once more right at the 10EMA - would like to see this level reclaimed quick:
AMD 0.00%↑ Acted well on the session holding the key area around 88.50 with an intraday retest, however had earnings after the close and as things stand it is currently down -6.8%, we'll see how this is dealt with:
ONON 0.00%↑ Still watching this one closely as it loses the key area of 32 on the session and goes on to close below it. Want to see this pull-back to the 20EMA on low-volume and potentially provide a low-risk opportunity there if buyers show up:
PERI 0.00%↑ Looking very weak and may be setting up to break down from this formation if weakness persists:
NVDA 0.00%↑ With a re-test and hold of the recent pivot on the session - would have preferred to see a strong daily closing range but key is how it acts from here now to tell us whether it was a failed breakout or simply just a rest day:
We continue to see an abundant number of breakdowns:
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
Individual Sector Analysis
Average close: -1.81%
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