We came into the session with an abundance of setups and it’s very encouraging to see the vast majority of these push out and close near the highs of the session.
To add on to this, my momentum scans were filled with strong names - many gapping up well with high volume in response to earnings/news:
Trading Gap-Ups / Episodic Pivots
ACHR 0.00%↑ “The company said earlier in the day it signed new contracts worth as much as $142 million with the US Air Force, expanding its partnership with the Department of Defense.”
An excellent setup as this was a recent momentum leader that pulled back in to the 20EMA on decreasing volume to then gap-up out of this flag to close right at the highs on its highest volume ever:
Positioning yourself in these momentum leaders is a great way to boost your EC - there is no need to fear large gap-ups. It is entirely possible to get exposure without taking on unnecessary risk.
A setup I have been focusing much more on lately is buying the opening range breakout early on in the session - something Qullamaggie preaches.
The opening range breakout could be with different timeframes - including the 1min, 5min, 15 min, 30 min, 1 hr etc; with your stop going below the low of the day. I have found that it is often ideal to get involved with shorter timeframes and suggest you do a study on this too for yourself. Building an edge requires putting in the work and no one else can do it for you!
1 min timeframe - buy point would be on break above 5.28 opening range highs:
5 min - allows you to take on a position in a momentum stock that is set up well taking on just -1.74% risk
Goes on to close +30% from opening range break:
SYM 0.00%↑ - “Reported a bigger-than-projected increase in fiscal Q3 revenue and said on Monday that its new joint venture with SoftBank Group almost doubled contracted order backlog to $23 billion.”
Excellent display of momentum:
They don’t always give such simple low-risk entries, would have had to take on around -9% risk using the LOD here - a relevant higher low:
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General Market Overview
SPY 0.00%↑ Undeniable strength here with a narrow-ranged session to close positive once more - continues trending higher above all key moving averages as sellers keep struggling to keep this down:
QQQ 0.00%↑ Was able to close up on the session once more with a bit of a tighter range today - may be setting the next topside pivot here as it consolidates just under 385:
IWM 0.00%↑ Pushing out of this pretty large base here - encouraging to see such action with broad participation:
ARKK 0.00%↑ A quick push off the 20EMA to close back above this area of resistance and the 50 spot:
Leading Stocks Analysis
Average: +1.53%
I am linking the leaders watchlist in tradingview for your convenience, here
AI 0.00%↑ Highlighted this setup coming into today’s session and it was good to see a strong push off the 10/20EMA to breakout above this descending trend line - watching for a push above 42.50 now:
UPST 0.00%↑ Clear momentum leader recently as it adds on another +5% to its recent run with today’s session as it pushes out above the most recent resistance:
MARA 0.00%↑ Good to see these crypto names making a move here after pulling back in to the 20EMA:
ACLS 0.00%↑ Continues trending after nicely after the most recent breakout out of this flag:
UBER 0.00%↑ Remains a strong trending and liquid name in the market as it gaps out of its most recent range to close the session strong on increased volume:
Individual Sector Analysis
Average: +0.68%
I am linking the sectors watchlist in tradingview for your convenience, here
XAR 0.00%↑ Like how this shook out below the 20EMA and is now moving out of this flag:
XRT 0.00%↑ Retail follows up last session’s inside day with a breakout out of the most recent range:
KWEB 0.00%↑ Some follow through in China names:
XLF 0.00%↑ Financials flagging out nicely while riding the 10EMA:
SMH 0.00%↑ Resting at the top of this consolidation:
Scans
52 Week highs
9 Million breakout
+10% Breakout
Pocket Pivot
Personal Portfolio Update
Sold the rest of URGN 0.00%↑ - Did nothing wrong just thought there were better opportunities
Bought 18.04
Sold rest 21.68
P/L: +20.1%
SOFI 0.00%↑ This is one I have been watiing for earnings for quite some time as it had potential to gap up out of this most recent base here
Bought right near the open with stop below LOD:
Bought 10.74
Stop 10.29
Risk: -4.1%.
Open P/L: +5.7%
NKLA 0.00%↑ - Was my main focus heading into the session and I messed it up
Bought 2.48
Sold 2.39
P/L: -3.6%
Mistake was not rebuying it after getting stopped out from the 1min opening range break:
HUT 0.00%↑ - Bought above pHOD
Bought 3.55
Stop 3.45
Risk: -2.8%
Open P/L: +.36%
Still holding OSTK 0.00%↑ too +5.7%: