Market Update, Review & Focus List
Including Sector & Leading Stock Analysis Along with 3 Scans
Hi all! đŸ‘‹
In this article I will cover:
The Chart of The Day
General Market Overview
Sector Analysis - Which groups are breaking down vs showing relative strength
The action displayed by leading stocks with TML potential
3 Helpful Scans
Links to TradingView watchlists
Stocks currently on my focus list with actionable trade ideas
Chart of The Day
A biotech which has been showing raw strength and clear accumulation with a +280% move since late September, including a +73% gap-up on massive volume - this is a high-tight flag worth keeping your eye on.
General Market Overview
The market indices took a well needed rest today as we welcome an orderly consolidation following a quick and powerful rally across the overall market. The key is not in how the market rallies, but rather by analyzing the supportive action seen through pullbacks.
All 3 indexes pulled back on decreased volume which is what we want to see, would now like to see a continuation of what has so far been an orderly pullback on low volume without losing areas of key support - would also like to see some support at the short term moving averages.
Market breadth took a hit today with a difference of -1559 on the NYSE.
Watching the 410 area closely:
An area I am watching closely is that of the 295 region:
Keeping an eye on the 190 area here:
Sector Analysis
Sectors which were running hot as of late take a needed rest, this should be welcomed as sectors with previous gains are given a chance to be digested and set up once again.
Some of the safer and slower moving sectors showed relative strength while Oil, which may be showing some promising setups (discussed below), also closed the session positive.
On average, the above components closed down -1.05% on the session.
I am linking the sectors watchlist in tradingview for your convenience, here
Leading Stocks Analysis
Overall some great action here as these stocks continue to show several traits of leadership quality stocks, specifically relative strength as they continue to outperform individual sectors as well as the overall market.
On average, the above components closed the session +0.20%, showing clear relative strength.
Will be focusing on stocks that have shown clear strength and the ability to move quickly, as well as newer IPOs showing signs of forming their first mature bases.
These include my main focus going forward as I am prioritizing finding ways to position myself in these leadership quality stocks, specifically I am focusing on:
Lovely IPO breakout and now retesting that. Looking for a healthy consolidation to get involved.
Scans
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