Hi! 👋
Strong and encouraging action on the week as stocks continue to push key areas and close well - however, we have been getting extended from key moving averages and some of that excess started getting shaved off last session as we saw breadth take a hit along with several stocks reversing from key areas.
Somewhat of a pause/rest with profit-taking was to be expected here after an impressive run in such a short period - key is remaining disciplined and focused in your approach while not forcing trades - remain patient and allows stocks to setup and reach your specific criteria, there is no doubt that the environment has become more constructive however following strong risk management principles throughout remains our main focus!
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General Market Overview
SPY 0.00%↑ Solid action here as we continue holding above this key area around the 444.50 spot - Like how the 10EMA is about to push through this pivot and will then be watching for this confluence of support to hold on upcoming weakness. Trend is upwards as buyers have been in control since the weekly breakout above 417:
QQQ 0.00%↑ Reversal on the daily last session but important to keep perspective here and realize that we closed flat on the session nonetheless - focusing on the weekly shows another successful clearance of a key area of resistance around 371 to go with a strong weekly closing range:
ARKK 0.00%↑ Had lots of eyes watching this key area around 45.69 and good to see such a strong push and close above this week to gain +11.07% in the process. Now confirming its new uptrend with key moving averages acting as supporting along the way:
IWM 0.00%↑ Hasn’t been trading as clean as the other indexes and remains quite choppy but nonetheless still able to clear some key areas with a strong push to the upside on the week to close above previous resistance around 189:
MMFD - Percent of Stocks Above 5-Day Average
MMFI - Percent of Stocks Above 50-Day Average
Fear & Greed Index
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
CELH 0.00%↑ Frustrating one to trade and whipped me around a few times this week - 150 spot remains the key area I am watching and will be assessing for buyers to show up around there on any upcoming weakness. Nonetheless was good to see a strong move on volume last session to close above the 150 area:
TTD 0.00%↑ Impressive action with descending trend line breakout after the 20EMA acted as clear support - now seeing some signs of weakness over the last 2 session with poor daily closing ranges, however, zooming out to the weekly chart shows little concern for that as we see a strong push out of this tight weekly range on volume:
SMCI 0.00%↑ Remains one of the leaders in this market with an impressive YTD performance of +250% as it continues pushing to new highs. Came down to the 20EMA a few weeks ago where it quickly found buyers and wasted no time in pushing out again - great volume profile:
NVDA 0.00%↑ Clears this pivot around 430 that we have been watching closely and resumes its uptrend after 4 tight weeks - had a reversal on the day last session as we got extended from key moving averages but focusing on the weekly chart shows not much of concern just yet - let these stocks work as long as they continue to hold key areas:
CFLT 0.00%↑ Still watching this closely and like how it is coming together within this base - tried to push out and get going last session but struggled:
CRDO 0.00%↑ Like how buyers came in to provide support right at the 20EMA as we continue consolidating right below its descending trend line - remains on my focus list after running +165% from May-June in this young IPO:
MNDY 0.00%↑ Strong breakout above its descending trend line to simultaneously reclaim the short term key moving averages after pulling back to just above the 50DMA. Now approaching a key area on the weekly for a potetntial IPO U-turn:
IOT 0.00%↑ Remains choppy on the daily with a lack of clean action but the weekly here has my attention as it continues consolidating right below this key pivot just under the 30 spot:
RIVN 0.00%↑ No denying the strength here seen through price and volume - stalking this one for any potential low-risk opportunities to get involved, think this has big potential and will be focusing on remaining patient for a proper setup:
Pockets of weakness are still evident throughout the market as selling came in bursts last session hitting U 0.00%↑ BRZE 0.00%↑ AI 0.00%↑ MARA 0.00%↑ APLD 0.00%↑ particularly:
Individual Sector Analysis
Session
I am linking the sectors watchlist in tradingview for your convenience, here
XLV 0.00%↑ Healthcare with a nice push above resistance to reclaim all key moving averages in one session fulled by positive news from ACAD 0.00%↑ UNH 0.00%↑ - now want to see this follow through from this area:
XRT 0.00%↑ Pushed out of its large base through the 64 pivot and is now pulling back to the 10EMA with a good reaction last session - would like to see this area hold and push out once more:
Week
XHE 0.00%↑ Approaching a big level on the weekly just below the 100 spot here:
XLK 0.00%↑ Tech remains hot as of late since clearing 152 and continues pushing towards this area of key resistance around 177 - may need some more time to consolidate below this area before attempting to pushing out once more:
Scans
52 Week highs
9 Million breakout
+10% Breakout
Pocket Pivot
Upcoming Earnings
Some big names reporting this week - a pivotal week in the markets and will be watching for any episodic pivots:
Personal Portfolio Update
RMBS 0.00%↑ - Got stopped out from my position I went over last Price-Pulse report after this came back in to undercut the prior day’s low. Initially worked very well after pushing above this descending trend line to close strong +5.68% on the session. Sellers were then in control last session to push this back down to its moving averages:
Bot: $62.16
Sold: $61.72
P/L: -0.71%
IMGN 0.00%↑ Bought this descending trend line breakout last session after stalking this name for a while - like how this found buyers after pulling back to just above the 20EMA:
Bot: $19.07
Stop: $18.79
Risk: -1.48%
Focus List
Reminder to NOT force anything and rather wait for your edge to show up clearly!
Pivots
High-Tight Flags
High Volume Close