Good evening folks,
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MARKET REVIEW
What a day!!
Could not have asked better for today. We found support at the kma’s, before breaking out of the channel DTL & yesterday's high of 11974$ I talked about last night. Confirming the bullish scenario.
I am looking at this larger wedge from the last 2m consolidation forming right below the 50dma. If we can break that DTL, this is really GO time…
Yep, it might be GO time folks… but one step at a time, we are still below 50dma, defense first 🛡️
I will be looking at June 27th high (12 262$) for a potential HIGHER HIGH which would, structure-wise, be really confirming the uptrend. Remember, we have a HIGHER LOW, then we want to make a HIGHER HIGH to switch for a ST downtrend to a ST uptrend.
Bullish scenario:
IF:
Close above today’s high of 12 262$
Close above 50dma (1.5%)
THEN:
Increase exposure in leading sectors if progressive exposure allows me
Bearish scenario:
IF:
Close below channel DTL$
THEN:
Defense
MARKET BREADTH
We had 1M NNH on both NYSE & NDX, now we want to see the same thing on 52W to really confirm the rally. I don’t really like to see negative A/D today, this is very strange and I am taking notes…
VIX This is a potential BIG CHANGE and could mean a real rally in the next few days/weeks. WE CONFIRMED the break below UTL & 26.83$ pivot, I think it is risk ON and we will be able to press the gas. Now we want to see a slow drift down like we had in April.
USD/CAD rejected the important 1.305 level. This is very positive, above that would have been really negative.
ECONOMIC CALENDAR
SECTORS PERFORMANCE
IBB - Biotechnologies A straight move through 122.8$ it is… wow this sector is very powerful as many of the names that I hold and look at are confirming. Still the leading sector imo.
TAN - Solar we KINDA breakout of that wedge DTL today…and on volume. We’ll want to see confirmation tomorrow, but so far this is really good and setting up for a big move IMO. Look for ENPH SEDG DQ JKS etc in the next few days/weeks.
LEADERS LIST
Overall leaders 40/60 (PRIME Score)
DQ,HRMY,LI,SIGA,STKL,CELH,HRB,JKS,YMM,EVH,SQM,DVAX,ENPH,HALO,CALM,MPLN,QURE,WWE,PPC,ELF,
Fundamental leaders (FA Score)
MRO,AMR,HDSN,ARCH,SQM,OXY,LTHM,PLYA,DDL,METC,HCC,CPG,PXD,MXL,HST,HP,CVI,GSM,CF,SHO,
Technical leaders (TA Score)
SIGA,DQ,JKS,STKL,HRMY,EVH,LI,CELH,HALO,ENPH,CALM,QURE,HRB,YMM,ACET,MPLN,FUTU,ABCL,DVAX,ELF,
Relative Strength 1 Month (1M-RS)
AGEN,ACET,HIMS,CDMO,ABCL,CPNG,QURE,BEAM,VCYT,CCCC,RCUS,DQ,SRRK,ELF,FGEN,SIGA,HRMY,ME,ARWR,CFLT,
Relative Strength 6 Month (6M-RS)
SIGA,VTNR,LNTH,DQ,CEIX,HDSN,NINE,JKS,OXY,SQM,EGY,AMR,PBF,HRB,AR,CVI,CELH,ARCH,STKL,ARLP,
PT PORTFOLIO UPDATE
Alex’s FOCUSLIST
GTLB
I will look at GTLB for a possible re-entry after taking it off yesterday. I am seeing yest’d action as a retest of the breakout level, creating a nice BORS setup. I will be looking at 60.36$ recent swing high pivot for the setup confirmation.
Be careful this one can move really fast.
Alert - 60.36$
SWAV
Tried this one again today off the 199.88$ pivot but was not able to push out of the pivot to confirm the BORS setup. I am setting my alert again, the same pivot, for tomorrow.
Alert - 199.88$
DLO
A name with strong fundamentals in a potential leading group is trying to breakout from his stage 1 wedge. We tried last week, but came back in to test the 24$ ish support area and found great support. We are trying to breakout again from that wedge, which the recent swing high at 30.73$ would give us confirmation of the WB.
UPDATE: I tried to position today in anticipation of the 29.42$ pivot breakout but we were not able to push above it. I closed the position but still keep my alert at the pivot for tomorrow.
Alert - 29.42$
POST
Working on a nice BO10PB setup on that base-on-base setup at ATH. Not the strongest fundamentals, but this stock is making a new ATH while the market has not bottomed yet, this is a clear signal.
Alert - 84.06$
AMN
Another healthcare name setting up and retesting a few times is stage 1 base breakout area. I would be interested to enter on the 113.71$ pivot which was the breakout day’s high. If we breakout of this level, we confirm the retest and continuation.
Alert - 113.71$
UTHR
For this one, I had a position that I closed today due to a close below my entry pivot. It was lagging all day while the sector was pretty strong. I will re-adjust my pivot at the base breakout high of 242.52$ which would really confirm the continuation of the BO10PB setup.
Alert - 242.52$
REFERENCES
Articles on my system:
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