PrimeTrading daily Update & Focuslist - 04/18/22 (WEEKLY edition)
Welcome to another Daily Update & Focuslist!
This Newsletter is a daily publication where you’ll be able to follow how I’m invested, along the names I’ll be looking to potentially enter tomorrow.
Enjoy ! ✌️
Disclaimer: This newsletter is not financial or investing advice. The information is for education purposes only and reflects only my own operation.
Market REVIEW
We continued to see selling pressure last week as we were not able to hold 4475$ level and sliced through the 10wma after retesting 2 times the 50dma. On the bring side, volume was less than the week prior, showing that selling did not picked up higher.
We opened the week on Sunday below 4387$ level that we managed to held and find support a couple time last week. It’s either a futures shakeout and open above it tomorrow, or we really continue downward & go test the 4277$ that is my next potential support level.
We are still in an intermediate bottom discovery here, searching a recent PB support level where bulls will step in.
Breadth:
Stocks > 50&200 - Flat
Net 52/1M NH - Flat
McClellan Osc. - Still negative, but nothing extreme yet at -39
VIX - Still above 20. Was not able to really shoot higher last week even on a big red day for all indices. This is positive imo.
Sectors:
Energy, Oil, Miners, Staples, Metals, Fertilizers lead the market now and will probably be the names to watch this week AS WELL.
Some sectors seems to setup well for a potential reversal here.
Transports (SBLK, GOGL, GSL)
Defense & Aero (TGI, RTX)
Cybersecurity (PANW)
Leisure & Ent (Airlines, Hotels, EXPE, SEAS, etc.)
Portfolio UPDATE
Despite indices making new lows & being weak, I find that the strength in commodities and other defensive sector is really solid and I’m comfortable being invested in these names right now.
Made few changes & added positions Thursday. Overall individual names action Thursday was very solid and did not give me any reason to reduce exposure or close positions.
New positions:
TELL (BO10PB off the 5.95 pivot)
Trimmed positions:
BTU (Sold into strength at 18% return)
Closed positions:
Daily FOCUSLIST
Initial Stop loss is always placed at LOD (Low of Day). If taking on the weekly setup, you can adjust position accordingly, and use LOW instead.
REFERENCES
Articles on my system:
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