A mix of stocks this weekend with some new stocks coming in as well as some previously highlighted that have held up well technically during the correction so far. As there has been a lot of technical damage done over the last few weeks, especially in more speculative areas.
$SBLK from the watchlist with a near term pivot high high and rebound off of the 50 day MA above the +1x ATR level
$SPY S&P 500 with the first signs of early Stage 1 on the intraday 2 hour timeframe. So potential start of the basing phase. But a lot of work to do yet, if it is.
$CARS from the watchlist continuing to consolidate in the backup range on diminishing volume above the Significant Bar close and prior range.
$ABNB with a potential reversal Significant Bar today, returning back above the 50 day MA after holding the 200 day MA test. But a lot of technical damage has been done, so needs to hold the 50 day MA at least to begin with.
$VIX still 40% above the 200 day MA & so volatility is still extremely elevated. Hence increases odds that the move so far is only a counter trend rally until that settles back below the 200 day MA again. Still suggests a defensive strategy i.e progressive exposure, smaller size.
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.
Homebuilders showing group strength again in the watchlist scans. But overall there has been lots of technical damage and volatility is elevated. So a smaller list from tonights scans than during more normal market conditions.
The premarket is a sea of green currently, with the major US indexes moving in the 1% to 2% range in the overnight session. So I will be watching today to see if the bounce is sold into or not, and if technically damaged stocks can recover key levels or not. As it provide useful info on whether this is an oversold bounce in a downtrend or something more substantial.
Looking at the S&P 500 E-mini futures chart. My initial thoughts are that it's forming the start of a new base. As has a Buying Climax (BC) 22nd Nov, then an Automatic Reaction (AR) into the 3rd Dec swing low and is now making a Secondary Test (ST). So Phase A of a base maybe - To be Confirmed or to Fail
$IWM joining the S&P 500 in early Stage 1 on the intraday timeframe. Lots of resistance from the intraday Stage 4 to work through, so expecting a lot a back and fill especially if it struggles at the 200 day MA which it's currently testing.
$QQQ Nasdaq 100 with a strong bounce at the open back into the intraday Stage 3 range.
I've combined the last few days watchlists stocks in a single summary list, and the majority are showing strong RS today. Semiconductors especially.
$FFTY IBD 50 Canslim stocks index with a strong spring type action today. But hitting resistance at the 200 day MA so far.
Fading into the close a bit across the board. Bitcoin has gone negative too.
$IWM Russell 2000 Small Caps struggling to hold above the 200 day MA
Large players showed up for the closing 15 mins with strength into the close in certain areas like the mega caps
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.
$MDB gapped back above the 50 day MA yesterday on earnings results. Attempting to hold the gap up today. Watching for a follow through move.
$RBLX still in focus & has held up well during the recent volatility with intraday Stage 4 breakdown attempt failing and reversing back into the range forming a Spring and Test, of which it's attempting to follow through today. So potentially returning back to intraday Stage 1.
$CARS highlighted multiple times since its Significant Bar (SB) Stage 2 breakout on 26th Nov and a great example of a Sign of Strength (SOS) rally and Backup (BU) following that and how they formed relative to the SB and prior range.
Continuing on to new highs in early Stage 2.
My tester trade in $OKTA from 2 Dec is starting to make some progress (+11%) and survived the initial spring test with a higher low.
$LOVE recovering its 200 day and 50 day MAs today with a Significant Bar from better than expected earnings results.
$PLAB with a gap up Significant Bar following earnings results on its largest daily volume since 2019
$QCOM from the watchlist with tight price action today on 65% below average daily volume.
A bit of progressive exposure for me, as I entered $QCOM in the final 5 mins of the day on its low volume inside day. I've been stalking it for a while as its made it into the watchlist 4 times in the last month & shown good RS through the correction to date. So trying it.
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.
Some familiar names in the list tonight again plus a few earnings gapers with Significant Bars. A notable amount of inside days today with below average volume. So a lack of supply, and volatility came down further. Hence some constructive price action after yesterday.
