Weekly Review & Focus List For Week of 6th March
Looking for follow through after demand comes in at key areas - Earnings, Sector & Leading Stock Analysis, + 3 Helpful Scans
Interesting week in the market with some big ranges, but it is important that we eliminate any sort of bias and focus merely on the facts:
The market had every reason to fall apart this week, and didn’t
A lot of stocks were supported at key areas, closing strongly
I have come across the most viable setups in some time
Focus continues to be on the feedback the market gives - mostly on how many quality stocks are properly setting up and if breakouts are working:
General Market Overview
Last session
Excellent breadth metrics:
Week
SPY 0.00%↑ Found support at the 200MA / 40WK MA and reversed to close strong after undercutting last week’s lows. 2 Days of strong breadth metrics with overwhelming demand brought us back over the 50MA, focus is now on action vs this week’s low - I am keeping things simple and focusing on finding long setups as long as that level is not violated.
QQQ 0.00%↑ Similar situation here as it just barely undercut the 200MA to reverse and close strong after finding demand there. 10 Week MA now about to cross over the the 40 Week MA, further indicating that shorter-time frame trend may be switching to up:
IWM 0.00%↑ As above:
ARKK 0.00%↑ Flagging really nicely on the weekly chart as it found clear demand at the 10 Week MA, reclaimed the 200DMA too:
MMFI - PERCENT OF STOCKS ABOVE 50-DAY AVERAGE
Really nice improvement in breadth here which is part of the backdrop we want to see in healthier market environments:
Leading Stocks Analysis
Daily:
I am linking the leaders watchlist in tradingview for your convenience, here
AI 0.00%↑ Have been doing very little trading lately due to overall market but main focus here after gapping up to close +33.65% on a positive earnings report, clear momentum leader and want to be involved. Recap of how I entered it linked below:
Approaching key area on the weekly:
FSLR 0.00%↑ Undeniable momentum & clear RS here. In contrast to the rest of the solar group which has been trading very choppy this has been outperforming and not giving much back at all. Reacts positively to the last 3 earnings reports and now looking for some sort of consolidation to get involved with low-risk:
ALGM 0.00%↑ Excellent action here with a great reaction to the 20EMA and a subsequent DTL breakout - Gives little back and shrugs off weakness, RS leader:
NVDA 0.00%↑ Can't keep this one down for long, clear demand as it's right back up to its highs after finding support at the 10EMA.
ATAT 0.00%↑ Continues to flag nicely, found support at short-term moving averages. Watching vs DTL right above:
RMBS 0.00%↑ Flagging nicely with support at 20EMA:
SMCI 0.00%↑ Breaks out from a nice cup and handle base to new all time highs against overall market weakness - now flagging right above previous pivot as it finds support at 10EMA:
YPF 0.00%↑ Continues to flag nicely above the 20EMA:
Weekly:
MBLY 0.00%↑ Continues trending as it rides the 10WMA
FSLR 0.00%↑ Looking great on the weekly as it pushes to new highs after gapping up +15.69% on earnings:
AEHR 0.00%↑ Big volatility this week but despite being down -26%, managed to close positive on the week and above all key moving averages, volatility is the enemy of tight risk-management. Flagging:
LTH 0.00%↑ Nice cup and handle overall structure here in this younger stock:
ON 0.00%↑ Another with big volatility this week but weekly chart shows strong demand coming in at key areas:
ACLS 0.00%↑ Same as above:
XM 0.00%↑ Looking textbook here:
MELI 0.00%↑ Another one which is right at a key area on the weekly chart:
Sector Analysis
Daily:
I am linking the sectors watchlist in tradingview for your convenience, here
SMH 0.00%↑ Formed a tight area with clear pivot and it pushed above to close w/ strong DCR:
XME 0.00%↑ Has been strong recently as it pushes up to new highs
XES 0.00%↑ Continues pushing to new highs with clear relative strength:
Weekly:
XLC 0.00%↑ Supported at key moving averages on the weekly, watching action vs this week's low as the line in the sand:
XLF 0.00%↑ At a key area on the weekly here, simple - above is good, below bad:
Scans
52 Week highs
9 Million breakout
+10% Breakout
Upcoming Earnings For This Week
Watch List
Some other charts that may worth watching:
ARDX 0.00%↑ Up +710% since June and now has reacted positively to earnings with a +32% gap-up on 53 Million shares. Clearly, momentum is no issue here and so will be watching for some consolidation to present a low-risk spot and get potentially involved:
LASE 0.00%↑ Still watching this young IPO as it handles out at previous highs, volume drying up massively here:
GTLB 0.00%↑ Seeing how it reacts to this key area highlighted below and whether this young IPO wants to start trending properly after a couple of fakeouts:
IOT 0.00%↑ Younger IPO which pushes above a key area, +130% off the lows:
SITM 0.00%↑ At a key area on the weekly
AYX 0.00%↑ Weekly