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Contents
Trend
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3
Market Cycle
Sentiment
- Economic Events
- Index Volume
- Portfolio Updates
- Watchlists
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Video
Market Insight
The major indexes all made significant progress higher last week. On Thursday and Friday the market gapped up and exploded higher on heavy volume, pushing through a serious amount of their immediate overhead resistance.
Furthermore, Friday was day +2 above the BP. Continue to watch for volatility to dampen as we remain above the bolded pivot and leadership continues to broaden.
As has been the case for the last several weeks now, The DOW is still the strongest index of the four, followed by the Russell 2000. The S&P 500 still lags the Russell and the NASDAQ is still in the weakest position of the bunch.
The real key here is that the improvement in the health and breadth of the market's leadership over the last few days has been palpable. It never ceases to amaze us just how quickly things can shape-up! However, by the number of names at the top of the report this weekend, you would think just the opposite.
Don't be fooled though. The number of leading names that are actually actionable is not always positively correlated with the increase in their overall breadth, as is the case currently.
So, continue to keep a close eye on how rotation is taking shape and be sure to maintain an updated watch list of the strongest stocks, in the strongest groups. Then, set alerts on your most actionable names and be ready to buy these potential leaders as entry areas present themselves.
It's very important to remember that we are still very early in the process here. So, be patient, stick strictly to your discipline/rules and make the market force you in. Don't worry about what anyone else is doing and never forget, the only thing that matters is that your risk is managed.
Note: We are currently in the middle of earnings season, so be sure to check and double check EPS release dates prior to buying a stock. These dates change, and sometimes at the last minute.
The Indexes
NASDAQ
Tickers: None
The NASDAQ had a rough beginning to last week, but its action on Thursday and Friday more than made up for it. Last Thursday's rise of 7.35% on a huge pick-up in volume did a lot to relieve the pressure on the tech-heavy index. It then continued to trade higher throughout the session on Friday to end the day back above its 65-EMA, as well as its next area of significant resistance.
S&P 500
Tickers: None
The S&P 500 traded in a very similar manner to the NASDAQ again last week, although it is still stronger and continues to trade higher in its overall pattern than the tech-heavy index.
Russell 2000
As has been the pattern for the last few weeks now, the Russell 2000 shaped up in a very similar manner to the S&P 500 again last week. However, the small-cap index exhibited more strength and closed in even better shape than the S&P 500. The Russell reclaimed its key 200-DMA on Friday and is now trading only slightly below it long-term downtrend line.
DOW
Unsurprisingly, the DOW shaped up in a similar manner to the other major indexes again last week and remains the clear leader of the four. The industrial index reclaimed its key 200-DMA last Monday and ultimately finished the week above its long-term downtrend line. By this measure, the DOW is the only major index in an actual technical uptrend.
Sectors & Industry Groups
1 Week
4 Week
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Potential Leadership Groups
- MEDICAL-BIOTECH/SYSTEMS & EQUIP, ENERGY-OIL/GAS/COAL, ALTERNATIVE ENERGY-SOLAR, TECHNOLOGY – SEMIS/SOFTWARE, BUILDING & RELATED, STEEL, & FINANCIAL
Focus List
NTNX
Watch NTNX for a big volume move through $28.73, with a sell stop at its 10-DMA.
PI
Watch PI for a big volume move through $115.82, with a sell stop at its 10-DMA.
FCFS
Watch FCFS for a big volume move through $97.04, with a sell stop at its 10-DMA.
DXCM
Watch DXCM for a big volume move through $123.36, with a sell stop at its 10-DMA.
IMCR
Watch IMCR for a big volume move through $61.32, with a sell stop at $56.80 &/or on a constructive pullback to $59.94, with a sell stop at $56.80.
RYTM
Watch RYTM for a big volume move through $27.29, with a sell stop at $25.70.
Swing Trade Ideas
Swing Trade Ideas contains a mixture of stocks. When the market is in a healthy uptrend, there will tend to be an overflow of stocks that were left out of the Focus List because they looked less actionable, despite being of similar fundamental quality, or were of lower fundamental quality altogether than the stocks included in the Focus List section above.
Because this section also includes stocks that are at times, devoid of fundamentals and typically only included for technical reasons, extreme care should be taken when trading these names. These stocks are there for experienced traders with a shorter time frame, that has a thorough understanding of position sizing risk and management.
CP – Constructive Pullback
PP – Pivot Point
SS – Sell Stop
TS – Trailing Stop
CELH – PP $96.53, SS 50-DMA.
BIIB – CP $283.44, TS 10-DMA.
DAWN – PP $21.58, SS 50-DMA.
INBX – PP $34.71, SS$32.50.
INMD – CP $36.37, SS $34.39.
MEDP – PP $225.00, SS $220.00
NUVL – PP $33.60, SS 10-DMA.
PCVX – PP $46.03, SS 10-DMA.
PRCT – PP $46.73, SS $44.70.
SAVA – PP $38.80, SS $36.76
TMCI – PP $25.00, SS $24.00.
Watchlists
ABOS ACGL ALNY AXSM CALX CELH CHWY CHX DGII DICE ELF FSLR GILD INBX MEDP NUVL NUVL PI PRTA PRVB SMCI SWAV TMDX TMUS UTHR WING
SGML STEM RIVN SG ASAN ASO CPNG CEG UDMY EMBC ABNB ARHS ARRY OWL DOCS GFS MBLY AMPX TPG CRBG NRDS
CPRX AMLX COGT DBTX RYTM TH AEHR MRSN BCAB ALDX PI COMM RVNC MAXN FNGR ATNM APPS MGNI TGTX IMVT RVPH NINE
A AAON ABCL ACDC ACET ACLX ADM AEHR AKRO ALB AMGN AMLX AMPX AMR ARCT ARGX ARRY ASND ATNM AXGN AXON AXSM AZPN BCYC BHVN BIIB BJ BOWL CAH CALX CCRN CDRE CEG CELH CF COGT CPRX CRBU CROX CTKB CTVA CVLG DAWN DECK DEN DGII DHI DICE DVN DXCM ELF EOG EXTR FCFS FGEN FIX FLR FN FREY FSLR GFS GILD GLP GMAB GS HAE HAL HALO HDSN HLIT HP HRMY HZNP IBKR IMCR IMRA IMVT INBX INMD IONS IRDM ISEE IT KDNY KRTX KRYS LEGN LEN MACK MCD MEDP MPC MSI MUR NBIX NDAQ NFE NOG NRDS NTNX NUVL OLK OXY PARR PBF PCVX PHM PI PODD PRCT PRME PRTA REGN RETA RJF RMBS RNR RYTM SANM SAVA SFM SGML SILK SLB SMCI SPXC STBA STLD TBT TDCX TDW TH TJX TMCI TMDX TMHC TPG UDMY URI UTHR VERX VRNA VRTX VTYX WING WWE XENE XOM ZYXI
Video
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