S&P 500 intraday (1hr) chart opening with a Stage 4 continuation breakdown.
GOOGL approaching a test of its 200 day MA
$AMZN Potential for a Stage 4 breakdown attempt
Short side is dominating again today. $BTU is bucking the trend though with strong RS and moving above its +1x ATR level.
$NDX first major breakdown from the 1+ year old trendline on the log scale. So a change of behaviour. 200 day MA test looks likely.
$TSLA with strong RS today. Rebounding at the lower end of the trading range and 1000 level.
Gold Mining group $DJUSPM leading today
10 Nasdaq megacaps all showing spring type action into the end of the day.
Major Indexes comparison chart. Spring type action, but closed in a similar place to Friday, so an attempt to stop the decline, but too early to call it a bounce. Key candle imo is last Wednesdays significant bars which are resistance zones.
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.
ADBE moved into Stage 4 on the weekly chart last week and is attempting to bounce today. But I thought it would be good example to study for longer term investors of what a monthly Stage 2 looks like, which it's now been in for 9 years since Dec 2012.
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.
Financials & energy stocks that led last week pulled back today, but beaten down Technology stocks caught a bid midway in the day as the Nasdaq tested the 200 day MA for the first time since early 2020 today. So numerous tech stocks highlighted tonight to see how they react.
A flush at the open and bounce today in many areas of the market as the S&P 500 tested trendline support. Nasdaq Composite tested the 200 day MA and Russell 2000 tested lows of the recent range.
Potential Day 1 of a swing low, but all major indexes still below 5 day MA so far.
The next few days will give crucial information on the strength of the market. Last Wednesday's significant bars are the key near term hurdle if we get a rally attempt. But if it can't rally and Nasdaq falls below the 200 day MA then things could get ugly fast. Stay nimble.
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.
Reasonably positive moves in majority of yesterdays watchlist stocks so far today. But nothing aggressive.
Major indexes rebounding from yesterdays swing low and approaching the first test at the resistance zone from last Wednesdays reversal significant bars.
$ZIM from the watchlist with a Stage 2 continuation breakout attempt on strong relative volume today
$SU another from the watchlist with a Stage 2 continuation breakout attempt today. But only on average volume so far. Here's the weekly chart.
Modest follow through in Technology stocks after yesterday's stopping action. But Energy stocks taking the lead again today with very strong moves in the group. And the new highs scans is dominated by Energy and Financial stocks today.
$PBR from the watchlist and the Energy sector making a Stage 2 continuation breakout attempt today to new highs.
$BBW significant bar reversal at the highs, so potential double top
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.
We are moving into Earnings Season once again, with a few starting to report, but it will be ramping up on the 20th Jan. So make sure you know what the dates are for any stocks you own or are considering buying.
Indexes stalling today in the resistance zone from last Wednesdays significant bar. Following spring type action often comes a test. So if it does pullback to test, then watch for positive price & volume action. i.e. diminishing volume, tightening price action & higher low
If we do get a test and supply increases and shorts come back in aggressively, then there's a chance of Stage 4 breakdowns in numerous stocks in Stage 3 currently.
I'll be doing the midweek video later after the close.
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.
Tonights list is dominated by the Materials and Energy sectors. There were a number of breakout moves in materials stocks today. For example BBL which is dual listed in London (BHP.L) had a Stage 2 breakout to new highs.
$TSM from the watchlist with an Earnings related Significant Bar today, as it released earnings before the open.
$SLCA from the watchlist with a new Stage 2 breakout attempt. Earnings coming up on the 28th Jan BMO
$NET former leading stock rolling over at the 200 day MA and at the -2x ATR level. Potential for a Stage 4 breakdown if it can't hold the recent swing low.
$MDB testing Mondays swing low candle and the 200 day MA. Could make an early Stage 4 attempt if it breaks lower.
$DXCM another forming leading stock failing to regain the 200 day MA and rolling over for the test of Mondays swing low. Will change to Stage 4 if it breaks.
$U another formerly strong software stock back testing its 200 day MA and recent swing lows. Again a break below could change it to Stage 4.
The test that I talked about in last nights video is underway. Growth stocks still showing the most relative weakness. So if the test fails and can't hold the recent swing low then I'd expect them to lead the decline.
$TSM could turn into a shortable gap up with a double top if the market weakens further. Open to either scenario at the moment.
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.
