Another brutal day in the growth and momentum stocks which saw the major IBD 50 growth index (FFTY) lose over -5%, while the Nasdaq 100 closed almost -3% below the 50 day moving average.
The weekly chart of the FFTY (below) as is a good example of some of the characteristics to look out for in early Stage 3. For example: Buying Climax, Character change, Heavy volume sell off, Increased volatility, RS weakening, Signs of Distribution etc.
Meanwhile, there was some strength today, but it was mostly in the energy stocks, of which there's a few in the watchlist today.
For the watchlist from Wednesdays scans - ATC, BCEI, DEN, EOG, FISV, IMO, PRTA
For the watchlist from Thursdays scans - AAL, AL, ALK, BA, CSX, CYH, DBI, DHI, FDX, KBR, LEN, NFG, OI, PHM, RH, SAVE, SEAS, ZI
Airlines and Home Construction groups making up a large percentage of todays watchlist stocks.
The market remains in a precarious position though, so I'm watching closely for how the week closes out, as lots of stocks are near to potential breakdown levels and could fall quickly into Stage 4 if the market pressure resumes.
For the watchlist from the weekend scans - AA, ABB, ACN, AM, AMAT, AME, AR, AVGO, CDW, CENX, CNX, CPE, CVS, CVX, DHI, EOG, EQT, FBHS, KBH, LEN, MT, PAYX, PHM, RH, SEE, TMHC, TOL, UNP, UPST, VRTV, W, X
A fairly big watchlist this weekend after Fridays late recovery bounce. Groups of note in the scans are Home Construction, Home Improvement Retailers and Exploration & Production.
A strong day for the Nasdaq with positive moves across the majority of the Technology stocks especially, which have been the most beaten down of late. The 4 hour chart shows the continued development of the Stage 1 basing pattern that is forming on the lower timeframes, which today cleared some trend line resistance for the first time. So a positive step, but remains within the basing structure.
For the watchlist from Wednesdays scans - AVID, CONN, CPE, CRTO, PINS, PVH, QUOT, RAIL, SID, SLQT, TIGR, VALE, XONE
(This post was last modified: 2021-04-03, 09:14 PM by Red Barron.)
RE: US Stocks Watchlist - 21 March 2021
Isatrader, the free intro to your video training course on stage analysis uses weekly charts, the 30 simple ma (not the 30 weighted ma Weinstein used in his book), and mansfield relative strength w/52 simple moving avg. Does the course mostly adhere to all the dominant parameters Weinstein used in his book? I thought you abandoned all that in favor of daily charts and the 200 simple ma, as well the atr indicator to set stops instead of how Weinstein set stops?
(2021-04-03, 08:41 PM)Red Barron Wrote: Isatrader, the free intro to your video training course on stage analysis uses weekly charts, the 30 simple ma (not the 30 weighted ma Weinstein used in his book), and mansfield relative strength w/52 simple moving avg. Does the course mostly adhere to all the dominant parameters Weinstein used in his book? I thought you abandoned all that in favor of daily charts and the 200 simple ma, as well the atr indicator to set stops instead of how Weinstein set stops?
The course is the foundations of the method and doesn't use any concepts not in the book. It's to help people new to the method to get up and running and give them modern chart examples to learn from, and drives home the fundamental concepts from the book, so that you can learn the Four Stages, their key characteristics and the ideal entry points for the two methods.
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.
