Daily Plan: Market Review & Focus List (13/4)
Strong Rally By The Indexes - Market Overview, Industry & Leading Stock Analysis + 4 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
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
Impressive action following yesterday’s weakness with generalized distribution to close the indexes, leading stocks and individual sectors at the lows of the session. As often happens, yesterday’s initial reaction to FOMC was reversed in today’s session as that weakness was bought up to close with positive breadth metrics and encouraging daily closing ranges (DCR).
The nature of this market continues to be a difficult one - this market is very choppy and struggling to form a concrete trend. Do not get frustrated or angry if you are finding it hard to make progress as that is absolutely normal with this back and forth action, rather, continue following your plan and do not force trade or fall victim to FOMO - block out the noise.
SPY 0.00%↑ Intra-day weakness gets bought up here as buyers stepped in right at the 10EMA to have a positive reaction off that area and close the session strong +1.33% going out at the highs:
QQQ 0.00%↑ Similar follows up with a strong showing to reclaim the 10EMA after yesterday's weakness, and was able to push through the recent highs and this short-term pivot around 318.50. Follow through above this level would be quite encouraging moving forward:
IWM 0.00%↑ Makes higher lows since the recent failed breakdown below the 171 area and is now attempting to form a potential pivot around 179 as buyers stepped in to support this around the 10EMA:
ARKK 0.00%↑ Still has several key areas to work its way through but this is another one which continues to make higher loads despite all the back and forth choppy action:
Chart of The Day
ONON 0.00%↑ Top focus heading into tomorrow.
Love how multiple edges are coming together here with:
AVWAP from Earnings report gap-up
A tight inside day that closed strong on the session
Descending trend line right above key whole number (30)
Leading Stocks Analysis
Majority of these stocks below traded below their average volume while closing relatively well on the session for the most part - would have preferred to see some strong daily closing ranges further down the list but this also indicates that despite the strong showing from the indexes, growth stock participation was not as impressive as one may expect:
Average: +1.51%
I am linking the leaders watchlist in tradingview for your convenience, here
SMCI 0.00%↑ Another one which I will be focusing on into tomorrow's session as buyers stepped in right around the 20EMA to close the session strong quite a distance off the intra-day lows as it flags out below its descending trend line:
AEHR 0.00%↑ Needs to push above this 30.50 area rather quickly here as it continues living under KMAs and getting rejected by sellers at the 10EMA:
MBLY 0.00%↑ Continues making higher lows while potentially setting a pivot around 43.50 which may potentially offer a strong setup with some additional tightness:
MELI 0.00%↑ Held the 1254 area on weakness along with the 10EMA where buyers stepped in to close well on the session with an inside day as it is now flagging out constructively:
PERI 0.00%↑ Following its trend of coming down to the KMAs and flagging out below a descending trend line with another strong close here:
RMBS 0.00%↑ Definitely one to keep watching as it continues showing clear relative strength here while it attempts to set another spot below the 51.10 area:
LSCC 0.00%↑ Flagging out well below its descending trend line:
FSLR 0.00%↑ Recovered the recent shakeout below the 20EMA and now attempting to set a potential pivot around 213.60:
NVDA 0.00%↑ At a key area here right at the 20EMA and needs to push up off this level or risks further weakness:
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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