Hey! 👋
General Market Overview
An impressive display of breadth expansion seen last Friday with an overwhelming amount of advancing issues vs declining issues on the NYSE - net 2111 advancing issues.
Leading stocks, individual sectors and the market indexes also showed strong action to the upside with encouraging closes. As always, the most important thing is to block out the noise and follow your plan - objectively assess market health through the action of individual stocks rather than allowing personal bias and news headlines to cloud your judgment, it is difficult to get too bearish when mega-caps like AAPL 0.00%↑ and MSFT 0.00%↑ are acting so well.
AAPL 0.00%↑Gaps-up on earnings, gets pushed up to an area of previous resistance and closes strong on the session. Would like to see a continuation and some follow-through on this momentum this week:
MSFT 0.00%↑Pushes above its descending trend line after tightening up well over the last few sessions. Has been acting very well since the recent earnings gap-up:
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.
Indexes
SPY 0.00%↑ Pulled back to a key level of previous support around the 405 spot once more last week and was able to end the week on a strong note with an encouraging gap-up on Friday to reclaim the 10/20EMAs. Weekly chart shows another close in the upper end of the trading range and how it pays to focus on longer-time frames:
QQQ 0.00%↑ Excellent action last Friday as buyers were found at the 20EMA to close strong right at the highs both in terms of daily and weekly closing ranges. Was able to push above the key area of previous resistance right around 320.76 and now looks ready to try and move out of the recent tight weekly range:
IWM 0.00%↑ Despite the poor close below support around 171 last Thursday, this was able to gap-up and close strong on the session on Friday, stalling out on an intraday basis with sellers coming in near the 20 EMA:
ARKK 0.00%↑ Follows up on the strong close from last Thursday to gap-up and follow through on Friday - clearing the recent trading range near previous support around the 35 spot with a reclaim of the 10EMA and 20EMA on the session:
Leading Stocks Analysis
Session
I am linking the leaders watchlist in tradingview for your convenience, here
ACLS 0.00%↑ Strong close on the session to end up +5.87% but still below this key area ≈121.75 as well as the key moving averages - 10EMA, 20EMA and 50-day moving average:
ON 0.00%↑ Encouraging action since the recent earnings-related +8.85% gap-up, like how this gave little back while pulling back to the 50-day - flagging out well before pushing out once more to stall out right at this area of resistance ≈81.50:
ONON 0.00%↑ One of the better acting stocks here and remains a key focus for me moving forward - like how this has held above the 20EMA and reacts well to the 32 spot, was now able to push out above its descending trend line to close up +4.24%:
CELH 0.00%↑ Was a relative strength leader late last year and showed it has the potential to outperform - now pushing off the lows well and may be forming the right-side of its large base. Has the fundamentals to support it:
NVDA 0.00%↑ Back above the key area of previous resistance ≈281.50 after pulling back into the 20EMA and finding buyers. Another strong close on the session ending up +4.06%:
Week
DKNG 0.00%↑ Continues its recent trend of clearing key levels on the weekly chart and now pushes up to yet another one right around the 25 spot, fuelled by an earnings-related gap-up last Friday:
HIMS 0.00%↑ Has been a relative strength leader as of late and now right under a key area of resistance on the weekly - watching closely for a potential earnings-related gap-up out of this large base with earnings on Monday:
SMCI 0.00%↑ With a strong response to its earnings report and was able to clear this short-base after taking out the 117.50 spot:
AMD 0.00%↑ A nice reversal on the week to close in the upper end of the trading range after a negative reaction to its earnings where it gapped-down, this gap was then filled following reports that Microsoft would help finance the company's development of AI chips:
Individual Sector Analysis
Session
I am linking the sectors watchlist in tradingview for your convenience, here
SMH 0.00%↑ Underwent a 2:1 split last Friday so now adjusting our key area to around 124.25. Encouraging to see semiconductors back above this as well as the key moving averages which got nice and tight together:
XHB 0.00%↑ Homebuilders remain one of the strongest groups in the market as buyers stepped in to support this on weakness right around the 10EMA once more last Friday, closing above this key 70 area again:
XBI 0.00%↑ Clear strength in biotech here as it continues its recent trend of clearing key levels - now want to see it hold this 84.45 area on weakness:
Week
TAN 0.00%↑ Solar was able to hold this area of previous support on a closing basis after an intra-week undercut of this area around 69:
XLY 0.00%↑ Flagging out well both on the daily and weekly timeframes here below these descending trend lines after a recent strong move up. Recent pullback was supported by finding buyers at the 50-day:
Scans
52 Week highs
9 Million breakout
+10% Breakout
Pocket Pivot
Upcoming Earnings
Some big earnings reports coming out - which is where I will be focusing on:
Personal Portfolio Update
DKNG 0.00%↑ Has been very strong as of late and responded well to its earnings report last Friday. Gapped-up nicely out of this large base to close up +15.34%.
Bought this gap-up near the open at 23.11 setting my stop right under the 23 area - I like it when a stock gaps up and respects a whole number (23) because it allows you to enter at the optimal time without risking too much: