Hi all!
Today’s session was one of encouraging action across the board ahead of tomorrow’s anticipated release of the U.S. Consumer Price Index (CPI) data. We particularly saw somewhat of a rotation of stocks in play from large/mega-cap stocks to a more broad based rally including smaller-cap growth stocks, heavily backed by encouraging base breakouts in both ARKK 0.00%↑ and IWM 0.00%↑, let’s get right into it!
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General Market Overview
SPY 0.00%↑ With a solid retest of this key area of previous resistance (now turned support) around 437 on Monday’s session which followed through with a strong push to the upside today to close out right near the highs with an 85.6% daily closing range. Intraday dips were bought right at the 10EMA and shows that buyers actively showed up once more here:
QQQ 0.00%↑ Another display of strength here as it closes up +0.49% on the session with a daily closing range of 88.5%. Buyers clearly in control as we continue trending nicely above all key moving averages and dips keep getting bought up:
ARKK 0.00%↑ Extremely impressive action here as it makes its way out of this large base we have been mentioning recently. Encouraging and helpful to see this clear such a key level for the kind of stocks we like to trade - buyers showed up strong both yesterday and throughout today’s session pushing into the close to end off with a strong 86.5% daily closing range:
IWM 0.00%↑ Similar to ARKK in that we were able to clear a big level on the session as buyers pushed through this 189 area with authority - good to see small-caps also getting involved here while larger-cap stocks took a well-needed rest to start off the week:
Chart of The Day
TTD 0.00%↑ Extremely encouraging action here with an impressive descending trend line breakout to close +8.93% on the session going out right near the highs with a 94.74% daily closing range:
Mentioned the importance of keeping an eye on this one in our last report:
Leading Stocks Analysis
Just a great display of breadth expansion to the upside here with all but 3 stocks ending the day positive.
Average change (%) of listed stocks: +1.96%
I am linking the leaders watchlist in tradingview for your convenience, here
U 0.00%↑ Continues showing excellent respect for the 20EMA with an undercut and strong close above on Monday’s session - following that up with an impressive +9.66% move to the upside today. Goes out with a 94.27% daily closing range and is now back above all key moving averages as it makes it ways back up to the top of this large base - ideally tightens up some below this key area around 44:
MNDY 0.00%↑ Follows up on the strong closing reversal candle from Monday’s session to break out above its descending trend line while reclaiming both the 10/20EMAs to close up +5.36% with a 98.23% daily closing range:
UBER 0.00%↑ Highlighted this descending trend line setup in our last report and is good to see this breakout with authority in today’s session to close up +3.69% going out with a 89.38% daily closing range. Now back above all key moving averages and is acting very well here:
MARA 0.00%↑ MASSIVE pickup in volume recently to backup this impressive momentum this has been showing to the upside with a quick +92% gain in less than a month as the bitcoin theme remains strong in the market:
APLD 0.00%↑ Tried to get going above its descending trend line today but eventually got stuffed down by sellers intraday to close just below the 10/20 EMAs once more; ended up +1.81% with a mediocre 57.35% daily closing range:
CRDO 0.00%↑ One I am heavily focused on heading into tomorrow’s session after this strong closing inside day - now back above the 20EMA and just below the 10EMA but watching action against this descending trend line closely after this ran +165% quickly:
NVDA 0.00%↑ Like how this is consolidating with this inside day on today’s session - intraday dips got bought right near the 10EMA as it attempts to tighten up under the key pivot right around the 430 spot - one I am watching into tomorrow:
TSLA 0.00%↑ Like how this pullback stalled out around the AVWAP from swing-low and ended today’s session with a tight-ranged inside day - watching action against this descending trend line heading into tomorrow:
CELH 0.00%↑ Analysis from last report highlighting the importance of the 150 spot turned out to be accurate as sellers came in hard on the session at this area:
Was still able to close above the 20EMA but remains suspect until the 150 spot is cleared:
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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