Weekly Review & Focus List For Week of 10th April
Buyers Come In At Logical Areas Of Support
Hi all! 👋
In this article I will cover:
General Market Overview
The action displayed by leading stocks with TML potential
Individual Sector Analysis - Which groups are breaking down vs showing relative strength
4 Helpful Scans to get potential leaders on our radar
Links to TradingView watchlists
Personal Portfolio Update
Stocks currently on my focus list with actionable trade ideas
Stockbsessed is neither an investment or financial advisor. Stockbsessed does not provide financial advice and none of the information being provided is to be seen as such.
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General Market Overview
Not seeing an overwhelming amount of actionable low-risk setups after scanning this weekend, my focus this week will be on giving my open positions the room to work and not micro-managing my portfolio moving forward.
The initial feedback i Have received from open positions has been positive - we are still most certainly not in an easy dollar environment just yet but the action has certainly improved, leading stocks and sector analysis also suggests the same.
Removing any sort of bias - the facts are that we continue to see stocks be supported at key areas, further rest / consolidation is welcome following the recent move to the upside as long as it is in a healthy manner - focus should be on being patience and not getting emotional with every tick up or down!
Session
Week
SPY 0.00%↑ Strong close last session and a constructive closing range on the weekly - continues to hover above previous pivot with key moving averages (KMAs) trending upwards nicely. Focus is on holding the 405 area on weakness and pushing above 410 on strength:
QQQ 0.00%↑ Demand was clearly found at the 10EMA as buyers stepped in to push it off this level and close strong on the session and week. Would like to see 319 taken out on strength:
IWM 0.00%↑ Prints an inside day below all KMAs here as we continue to see relative weakness with a poor weekly closing range:
ARKK 0.00%↑ Remains choppy with some nice strength on the session to go out right near the highs of the day - struggling to get strong bullish momentum until it is able to clear the 40.50 area:
$BTC May be offering a low-risk spot as it tightens up very well here:
MMFD - Percent of Stocks Above 5-Day Average
MMFI - Percent of Stocks Above 50-Day Average
$NASI
Fear & Greed Index
Leading Stocks Analysis
Session
I am linking the leaders watchlist in tradingview for your convenience, here
AI 0.00%↑ Holds support once more as it re-tests this 20 level at the lower end of its box and finds buyers to push off this level and close strong +8.30%:
INTA 0.00%↑ Continues building on its recent strength as it holds previous resistance on weakness and buyers step in to react well off that area. Trends very well above KMAs:
FSLR 0.00%↑ Would like to see this recent low hold and a quick reclaim of KMAs up above early in the week. Managed to reclaim the AVWAP from earnings gap:
ELF 0.00%↑ We continue to see supportive action on weakness as buyers step in at logical areas here to to close well above the 10EMA:
TSLA 0.00%↑ Now below key moving averages and closes right at previous resistance - would like to see it push up from this area relatively quickly along with a reclaim of KMAs:
MELI 0.00%↑ Supportive action at the 20EMA after breaking out well above this descending trend line:
PERI 0.00%↑ Has been trending well recently with a cycle of momentum thrusts to the upside followed by short descending trend line consolidations:
RMBS 0.00%↑ Flagging well here after a +20% move as it found support at the 50-day moving average:
AEHR 0.00%↑ Relative weakness as of late and now monitoring to see whether it would be better to replace this name going forward:
Week
AI 0.00%↑ Massive increase in volume over the last few weeks as it holds a key area on weakness:
INTA 0.00%↑ Very strong since breaking above its IPO high:
IOT 0.00%↑ Broke out from this double-bottom base and is now consolidating well under this 20 level:
NVDA 0.00%↑ Has been very strong lately and some rest up here is to be expected as we approached previous resistance:
DUOL 0.00%↑ Has been acting well since moving out of its primary IPO base and is now flagging up here:
ONON 0.00%↑ Wild ranges this week but still holding the AVWAP from its earnings gap as it pushed out above the primary IPO-base:
ACLS 0.00%↑ Resting well as buyers step in at the 10WMA after breaking out of its long weekly base:
Individual Sector Analysis
Session
I am linking the sectors watchlist in tradingview for your convenience, here
XLC 0.00%↑ Continues to show encouraging signs as dips keep getting bought up:
XLU 0.00%↑ Follow-through strength as intra-day weakness gets bought back up, KMAs trending up nicely:
XLRE 0.00%↑ Recent failed breakdown led to a quick move to the upside - now tightening up nicely above KMAs:
PEJ 0.00%↑ Holds the 10/20 EMAs on weakness, 50-day moving average up above but the key level I am watching is around 42:
XLV 0.00%↑ Nice recent strength here and now expecting some form of consolidation:
XLE 0.00%↑ Flagging well with an inside day here above the 50-day moving average:
Week
XBI 0.00%↑ May be setting a short-term pivot here with some recent tightness after continued distribution:
KWEB 0.00%↑ Tightening up here and will be watching how it acts on strength vs the 32 level:
XLK 0.00%↑ Continues to be very strong holding previous resistance on weakness and now resting well under this 152 level:
Scans
52 Week highs
9 Million breakout
+10% Breakout
Pocket Pivot
Upcoming Earnings
Personal Portfolio Update
Open positions continue acting well. Focus is on being patient to allow the low-risk setups to come to you rather than force sub-optimal trades:
Open positions:
Focus List
Reminder to NOT force anything and rather wait for your edge to show up clearly!