Best thing you could do for yourself here is exercise patience!
We are currently undergoing a period of weakness throughout the general market and this should come as no surprise, stocks do not only go up and periods of weakness are extremely valuable to traders. Rather than getting scared out by such markets - use this time to study which stocks are showing relative strength and keep these on your watchlists!
Simply retesting prior resistance on the QQQ 0.00%β here:
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General Market Overview
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
SMCI 0.00%β Sellers having trouble keeping this one down for long as it adds on to its most recent run with another +4.5% day to close well on the session:
ELF 0.00%β Strong closing inside day here as it now attempts to tighten up after giving back some of the most recent gap-upβs gains - watching for a break through this descending trend line:
NVDA 0.00%β Excellent action here and love how this has been trading so cleanly - remains an institutional favourite and the undisputed liquid leader throughout the market, at the very least worth keeping an eye on how this trades. Like how it is consolidating below its DTL above KMAs with this inside day last session:
TTD 0.00%β Similarly to above I like how this is holding structure just above key moving averages with a strong close near the intraday highs last session - watching for follow through with a pop above this DTL and reclaim of the 10EMA:
CELH 0.00%β Still struggling to shake off recent weakness here and would like to see a push through this 146 area to reclaim all KMAs:
ONON 0.00%β Good to see this continuing to hold the prior highs of this large base on weakness while finding buyers around the KMAs - would like to see a push off this area and through this short-term DTL right above:
UBER 0.00%β Continued weakness and another session below the declining 10/20EMAs - now seems to be heading towards the 50-day:
U 0.00%β Prints a hammer right under the 50-day and the 40 spot and now have some clearly defined levels to deal with - looking for a push above the high of day on strength. Failure to hold last sessionβs lows would indicate clear weakness:
SHOP 0.00%β Pulls back in all the way to the previous earningβs gap-up high-volume close from early May and bounces to close right above - similar to U 0.00%β watching for a push above and hold of these lowβs:
AI 0.00%β Closes below the 50-day and now below all KMAs - continuous selling since the most recent failed breakout from a week ago:
RIVN 0.00%β Struggled to get going after this was looking like a very good setup - now below both declining 10 and 20 EMAs:
MARA 0.00%β Clear weakness since the failed breakout in end July and now below the short-term EMAs - thought this had more potential on the most recent setup but that is why opinions have little place in the market - may be heading to the 50-day:
UPST 0.00%β Poor close in this recent momentum leader to end the session off right at the lows of the day - these momentum stocks go down as easily as theyβve gone up which is why it pays to take partial profits along the way into strength:
In the following sections of the daily plan I go over additional research in preparation for the next session:
β Individual sector analysis
β 4 Scans with results to get stocks with leadership qualities on our radar
β Personal Portfolio Update
β Stocks currently on my focus list with actionable trade ideas - The best setups from a risk/reward perspective
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