Hi all! π
The market continues to act resilient. Donβt over complicate things. Follow price and trade in the direction of the trend.
No denying that the environment has improved significantly for our style of trading, the important thing here, as we get extended, is to focus on protecting our capital while avoiding forcing any trades just because things are working.
High volume close (HVC) entries continue to work very well AEHR 0.00%β GP 0.00%β ACAD 0.00%β here offering low-risk opportunities to try position yourself in some strong stocks:
Additional strength today aided by strong earnings from banks and the financial sector:
Have some big earnings coming up and will be focused on buyable gap ups from sound bases here:
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General Market Overview
SPY 0.00%β Really canβt keep the indexes down for long - trading like individual stocks with buyers in clear control as we push out, rest for a day or two, and push out once more. Continues trending to the upside following the breakout above the ~444.50 pivot and will be watching for support around the 10EMA on a pullback:
QQQ 0.00%β Clear strength here and now +4% since the pivot breakout. Now up 6 of the last 7 days with the only negative session being a close of -.02%. Undeniable strength, watching for KMAs to provide support on any pullback:
IWM 0.00%β Similar story here as we continue trending upwards after clearing a key area of resistance with this base breakout above ~189. Rested for a few days and tightened up well, and was then able to push out once more in todayβs session:
ARKK 0.00%β Momentum continues to pick up here after clearing this large base with a break above ~45.70, +9.5% from there and now +17.70% above the 50-day:
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
APLD 0.00%β Catches a nice pop to close strong on the session +6.77% after clearing this DTL to reclaim to 50DMA. Still below the 10/20EMA here but on watch for follow through. Hasnβt been the easiest name to trade:
SMCI 0.00%β Remains a leader in this market and showing no signs of slowing down - continues moving higher with strong performance on the session followed by an inside day and then another push out. Exactly the kind of action you want to see as it keeps clearing key areas quickly:
AI 0.00%β Would like to see this tighten up some more here as we are currently range bound between this 37-43 area - like how this is attempting to form higher lows and has now reclaimed all key moving average:
UBER 0.00%β Clear strength since highlighting this descending trend line setup back on 10th July - good to see this break out with authority and trend upwards with little give back along the way. 10EMA offered support and was quickly able to push out once more:
RIVN 0.00%β Like how this is attempting to tighten up after a quick double. Wasnβt even able to get pushed down to the 10EMA before finding buyers. Want to see this tighten up and offer a low risk opportunity as has potential to continue its run - volume here is no joke and has my attention:
IOT 0.00%β Remains a frustrating one to try and position in with its choppy nature. Focusing on the weekly helps block out some noise and realize the potential of this setup - big IPO base now consolidating right at all time highs has my attention:
U 0.00%β Retested the key area of prior resistance and the base pivot around the 45 spot. Was then able to push off this area and close strong on the session. Key moving averages continue offering support and will be watching this for a pullback buy / additional tightness:
NVDA 0.00%β Clear liquid leadership here with indisputable institutional interest - gives very little back as it keeps marching on up to new highs. Breaks above the 430 pivot running around +12%, then sets a strong closing inside day and pushes out once more last session:
TTD 0.00%β Broke out above this descending trend line we had highlighted several times and ran +19% quickly. Extended from the key moving averages here but like how this is holding its gains with little give-back, with time may be setting another spot on the break of this 90-91 area:
MARA 0.00%β Sell signal / profit taking triggered on the break of this upwards trend line, as crypto names are taking a well deserved rest up here as they pull in to key moving averages. Watching for additional tightness which may set a spot through this descending trend line:
CELH 0.00%β Remains a frustrating and choppy one to trade as it gets stuffed above the 150 level once more. Now below KMAs and may be heading to the 50DMA. Shows relative weakness and remains an avoid for me until it shows the potential to build above and respect the 150 area:
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
Individual Sector Analysis
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