Hey guys!
Excellent expansion of breadth on the session to close with new highs significantly outpacing new lows as the indexes successfully break out of their bases and follow through to the upside.
Leading stocks, which are my main indicator, are acting very well along with our recent focus lists - however, just because the market has been giving positive signs recently does not justify taking on additional unnecessary risk, continue following your plan at all times and not forcing trades.
We are getting slightly extended from moving averages which decreases the odds of new trades working as much, needless to say, this could be what many would be expecting, and since the market rarely does what the majority expects - it is also possible we see a lockout rally from here. Do not predict but react - take what the market gives you.
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.
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General Market Overview
SPY 0.00%↑ With a gap-and-go move to the upside to close the session +0.79% with a 71.9% daily closing range. after a strong gap and close above this pivot around 444.50 in the previous session. Remains strong and now trending nicely to the upside with key moving averages in the right order - getting slightly stretched with 4 up sessions in a row but cannot deny the strength in the market right now:
QQQ 0.00%↑ Closes up +1.70% with a 81.5% daily closing range and has similar structure here as we are now trading firmly above the most recent pivot. Encouraging to continue seeing the ability to clear key areas of resistance:
ARKK 0.00%↑ An impressive +4.53% gain on the session with a good pickup in volume to go with a 92.3% daily closing range. Clear strength and upside momentum since clearing the key area of resistance around 45.50 - now continues moving away from its base and currently +9% above that pivot.
IWM 0.00%↑ Closes up +0.81% with a 85.7% daily closing range - ells you all you need to know when all the indexes have successfully broken out of their bases here:
Chart of The Day
Posted this NKLA 0.00%↑ setup over the weekend and what a setup it turned out to be - closing +60.87% on its highest volume ever with an excellent display of:
Prior momentum - started June off with a quick +250% move to the upside
Tightness
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
Let’s get right into it…
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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