US Stocks Watchlist – 8 August 2024

The market continues to attempt to bounce on what the CAN SLIM method traders would call Day 3, and so tomorrow is where they start watching for a potential Follow Through Day (FTD), and so would need a further powerful rally day to achieve that.

However, of note was that while todays percentage moves in the major indexes was very large. Both the Nasdaq 100 and S&P 500 (see above chart) failed to close above even the previous days high, and a further strong day like today would only get them back to their declining 21 day EMAs. So they are in a short-term downtrend within what looks to be potential Stage 3 on the weekly chart currently and attempting to bounce from the Mondays swing low. Hence, it's a more favourable environment for the short-term swing traders that can play quick moves on both sides with the increased volatility. Whereas Stage 3 for the position traders / investors is a time for trimming into strength and considering more defensive strategies in the Stage Analysis method.

Watchlist Stocks

There were 26 stocks highlighted from the US stocks watchlist scans today

MSTR, SHOP, SN + 23 more...

Market Breadth: S&P Composite 1500 Moving Average Breadth

• 63.33% > 200 day MA (Long-term)
• 57.33% > 150 day MA (Medium-term)
• 53.67% > 50 day MA (Short-term)
• 34.07% > 20 day MA (Very Short-term)

Combined Average: 52.10% (Neutral)

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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.