Hi all! 👋
Really liking how the bitcoin-related stocks dealt with the overall weakness from bitcoin and ended the session closing strong off the intraday lows. Many of these have proved to be recent momentum leaders which may now be offering additional opportunities after this short-lived pullback:
Check out my website here for a FREE gift - stockbsessed.com
General Market Overview
SPY 0.00%↑ Tight trading over the last few sessions while allowing key moving averages to catch up to price. Liking the fact that there has been very little giveback despite the market being extended recently, buyers keep showing up and providing support at key areas:
QQQ 0.00%↑ Great action here as we pull back to the top of the prior base in a controlled manner, needed this short pullback to get rid of some off the excess frothiness we were seeing in the market as we got quite extended from KMAs:
ARKK 0.00%↑ With a quick -8% pull back from the most recent highs as we head towards the 20EMA on decreased volume. Excellent action since breaking out above the 45.69 pivot:
IWM 0.00%↑ Strong action since the recent base breakout above 189 and now flagging out below this descending trend line while giving the 10EMA time to catch up to price:
Leading Stocks Analysis
I am linking the leaders watchlist in tradingview for your convenience, here
APLD 0.00%↑ Finally reclaims the key moving averages with a gap-and-go move fuelled by the latest earnings report to break above this descending trend line and close +13.7% on a pick up in volume:
TSLA 0.00%↑ Shook out below the prior session’s low and reversed to close strong on the session with this bullish engulfing candle. Good to see strength in a liquid leader and seems sellers are having difficulty keeping this one down - good proxy for growth and the overall tech trade:
ONON 0.00%↑ Mentioned how this was approaching the top of its base in the last report and good to see it push and close above this area of resistance. Intraday weakness was bought up at the 10EMA and closed last session at the highest price since January 2022 as it looks to push out of this base:
RIVN 0.00%↑ Setting up very well and main focus into the next session - strong closing inside day here right under this area of resistance around 26.15 - want to see a push and close above. Like how buyers keep showing up at the 10EMA on intraday weakness:
Still seeing certain pockets of weakness and warning signs with breakout failures, breaks of support and several stocks squatting:
Seeing several strong trending stocks pulling in to key moving averages - could prove to be excellent r/r opportunities but very important not to buy blindly - make each setup your own and follow your plan:
TTD 0.00%↑ 20EMA:
CFLT 0.00%↑ 20EMA:
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
Individual Sector Analysis
Keep reading with a 7-day free trial
Subscribe to Stockbsessed to keep reading this post and get 7 days of free access to the full post archives.