Not much new of interest tonight from the watchlist scans, but a few stocks showing some good relative strength versus a heavy market today $XPEV $LI $SWIM
$SPY S&P 500 closed near the low of the day and in Stage 4 on the intraday 2 hour timeframe. On the daily it's approaching the 50 day MA and September high, which could offer some support.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
Pre-market is green across the board currently. So set for another bounce attempt today.
Market Breadth is still on Defense with Difficult Environment status, so my focus is on how leading groups and stocks are acting.
Leading stock $NET rolling over into an intraday Stage 4 breakdown attempt. Daily chart testing the 50 day MA, so could still find support, but weak RS compared to the market today, and another leading stock acting poorly to add to the list.
$ASAN attempting to follow through to the downside below it's initial breakdown swing low
$ZS with a Reversal Significant Bar bar today which is a change of behaviour, clearing weeks of price action in a day
$BILL another recent leading stock breaking down strongly below the 50 day MA now. Another change of behaviour
I'll do a focus on the damage in the leadership stocks in tonights members midweek video after the close.
Hopefully the Weight of Evidence approach from Weinstein's method using the market breadth charts that I talk through in the weekend videos has helped you all to avoid the bulk of the recent damage.
$RBLX with a 2nd Reversal Significant Bar today
$U has come off almost 30% since the Buying Climax (BC) following earnings. Back testing the 50 day MA in the channel. So a change of behaviour and hence potentially Phase A of a new base starting to form depending on how deep the Automatic Reaction (AR) is.
$CRM now a failed Stage 2 after showing some promise from July to mid November. I think we can safely say that it's showing a change of behaviour today.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
Only one stock survived the watchlist scans manual culling tonight - $AMBA which showed fairly good RS against a heavy tape today, and is one of the last leadership stocks standing with more and more faltering over the last few weeks or so. So be watching to see if it can hold up
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
$SNOW set to gap up at the open following earnings last night. Currently at around 350 and so would reverse all of yesterdays down bar and be back above the 50 day MA. But some serious technical damage done to it over the last few weeks.
$OKTA gapping up at the open following earnings and making a spring attempt
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
