Daily Plan: Market Review & Focus List (20/4)
Selling Picks Up - Market Overview, Industry & Leading Stock Analysis + 4 Helpful Scans
Hi all! 👋
In this article I will cover:
General Market Overview
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
The initial response to the morning gap-down was quite encouraging as indexes, leading stocks and open positions such as ONON 0.00%↑ and DKNG 0.00%↑ were able to push well and shake-off the morning weakness , however, selling set in once more as distribution became very clear intra-day to cause a slow bleed for the rest of the day:
Still trying to be patient and remove the emotional impact of watching gains fade by giving open positions the benefit of the doubt as they continue showing relative strength and acting well overall - more on this in the portfolio section below.
Breadth metrics clearly show that there was an overwhelming amount of participation to the downside which is the opposite of what we want to see.
SPY 0.00%↑ Really focusing on action around this 414 level. Looked much better intra-day but didn’t close horrible all things considered as it got supported right around the 10EMA. Ideally tightens up some more here but there are signs of weakness underneath the surface that may cause selling to pick up - focus is on reacting and not predicting:
QQQ 0.00%↑ Still above this important 310 area but lost the 10EMA in today's session. Buyers came in above the 20EMA but closed poorly off the intra-day highs as it continues flagging below this descending trend line:
IWM 0.00%↑ Also got pushed down from intra-day highs and still contracting below this important pivot around 179. Was still able to close above the 10/20 EMAs despite weakness:
ARKK 0.00%↑ Breaks down from this tightening patterns and loses its ascending trend line to close the session -3.78% right at the lows of the day:
Leading Stocks Analysis
Replaced TSLA 0.00%↑ AEHR 0.00%↑ and ALGM 0.00%↑ with ASUR 0.00%↑ MAXN 0.00%↑ and HIMS 0.00%↑
Average: -0.40%
I am linking the leaders watchlist in tradingview for your convenience, here
TMDX 0.00%↑ Very impressive display of relative strength to close the session +8.85% at the highs and on above average volume as it reclaims the 20EMA and 50DMA. Nice shakeout below KMAs and now just -5% off all time highs:
MAXN 0.00%↑ Was featured in today's focus list and this has been trading well since gapping-up +44% on its highest-volume ever. Around +250% off the May 2022 lows and showing that solar may be worth keeping an eye on going forward:
ELF 0.00%↑ Now up 9 sessions in a row and getting quite extended up here. Can't rule out a well-structured consolidation but odds are increasing that a pullback may be approaching around this area:
ONON 0.00%↑ Pretty well-defined levels of importance here - really like how this handled the gap-down at the open but struggled once again to close above the 32 area as weakness set in around the market:
RMBS 0.00%↑ Showing how important the 51 region is as sellers came in hard around here once more. Want to see this area taken out on strength eventually but more of a consolidation may be needed before doing so. Like how it is holding above the 20EMA:
ASUR 0.00%↑ Buyers keep showing up around the 10EMA to support these intra-day dips. Love the recent pick-up in volume here:
AMD 0.00%↑ Supported around the 50-day moving average and previous resistance once more but met sellers right at the 10EMA to close around the middle of the session's trading range. Want to see the 88 area hold on weakness:
ACLS 0.00%↑ Tried to reclaim the key moving averages which are getting really tight up above but was met with sellers intra-day to close below once more:
FSLR 0.00%↑ Like how this has been acting along with the rest of solar as buyers came in around the 10EMA - base pivot around 218 still the important level to take out on strength:
ANET 0.00%↑ More weakness today and seem to be heading to the 50-day moving average - will see if it gets supported around there:
PERI 0.00%↑ Follows through to the downside below the 10/20EMAs and similar to above as will be watching for buyers to show up around the 50-day moving average:
NVDA 0.00%↑ Showing how important the 280 level is to the upside as it was met with sellers once more. Watching for support to show up around the 20EMA once more on weakness:
ON 0.00%↑ Seeing weakness in lots of these semiconductors with AMD 0.00%↑ and NVDA 0.00%↑ outperforming. This gapped down and closed -3.46% on increased volume below all KMAs:
AI 0.00%↑ These key levels I've been mentioning around 23 and 24 showed their importance once more. Caught a pop above 23 and met sellers firmly below 24 around KMAs:
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
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