Good evening folks,
Another week begins tomorrow, make sure to always be ready for every opportunities the market will throw at us!
Let’s go!✌️
MARKET REVIEW
RTY found support at the 1640$ low Friday and it seems it his holding it on the futures as well. We have quite some important level above, and simply looking at the price action, looks like a BORS/retest of the 1692/1725$ area that now turned resistance.
Market is still in downtrend and below all kma’s.
I’m looking at a couple levels from pre & during coving rally of 2020 for potential support.
1640$ (ST cycle low)
1594$ (5% down)
1527$ (9%)
Bullish scenario:
IF:
Close above 1692$
Close above 5dma
THEN:
COULD open 10-20% long exposure if good setups trigs
Cover short position
Bearish scenario:
IF:
Undercut 1640$ pivot (ST cycle low)
THEN:
Add 5-10% more short (TZA) exposure
MARKET BREADTH
VIX still in range, we’ll have to see if we resume above 35, or we close below 30 which would be pretty bullish.
ECONOMIC CALENDAR
SECTORS PERFORMANCE
You’ve got your leaders right there. BIOTECH & SOLAR. these are the names that I see the strongest and setting up the best as well. Individual names confirming this strength.
BIOTECHNOLOGIES (IBB) - Still in solid downtrend as a sector. Despite names breaking to new high, keep in mind that the sector is below 50 & 21dma.
SOLAR (TAN) - Been the strongest sector for a few weeks now if you’ve been following me. If we break that DTL on the weekly and 75ish area, watch that sector to lead the next market cycle.
LEADERS LIST
Overall leaders 40/60 (PRIME Score)
EGY,CVI,PBF,ESTE,ERF,SIGA,NOG,CPG,WTI,CLR,ARCH,LPI,SM,TALO,MNRL,VET,MTDR,DK,CEIX,OVV,
Fundamental leaders (FA Score)
MRO,AMR,HDSN,ARCH,SQM,NFE,OXY,LTHM,PLYA,METC,HCC,CPG,PXD,DINO,MXL,HST,DEN,CAR,HP,CVI,
Technical leaders (TA Score)
EGY,PBF,CVI,ESTE,SIGA,ERF,WTI,CPG,NOG,ARCH,CLR,LPI,SM,TALO,VET,MTDR,CEIX,MNRL,OVV,AR,
Relative Strength 1 Month (1M-RS)
SIGA,PDD,LPI,LI,RLX,YMM,PLAB,EGY,ESTE,ERF,GTLB,CHPT,BZ,CLR,CVET,NOG,COLD,CRWD,CVI,STAA,
Relative Strength 6 Month (6M-RS)
VTNR,PBF,NEX,AMR,BORR,EGY,NINE,CVI,HDSN,TWI,CEIX,AR,BTU,LNTH,TALO,SD,GTE,KOS,WTI,DK,
PT PORTFOLIO update (1 position)
Alex’s FOCUSLIST (4 stocks)
PT PORTFOLIO UPDATE
Still managing my TZA position right now. Waiting to see if the bullish or bearish scenario trigs to decide if I keep my trade and open long or add to my TZA trade.
New positions:
Trimmed positions:
Closed positions:
Alex’s FOCUSLIST
ENPH
Enphase is in the Solar sector that I’m looking to position myself into. In fact, he’s probably the leader of the group. Been watching this name for a while and now I really like how we held the 50dma late last week and in fact made a pretty nice shakeout below 173.56$ low pivot. We are holding the 183/186$ support.
Alert - 191.22$
CHS
Retail name that acted very strong in a hard tape last week. We had our larger wedge break (look at Weekly) and we kinda retested the DTL last Thursday before closing above it Friday making yet another higher high. We are above all kma’s and showing strength at an important level
Alert - 5.5$
HALO
Looking again at this name this week as the BORL setup is still valid. We are still in the support area and I would be looking at recent swing high pivot for a confirmation of the setup.
Alert - 45.2$
MPLN
We had a stage 1 breakout last week on this name, and despite market weakness, we were able to hold the S1 breakout area that acted as support. We are still above all kma’s and I’ll be looking at most recent swing high pivot for a potential confirmation of the BORS setup. That could be a LT hold out of a S1 base like that.
Alert - 5.49$
REFERENCES
Articles on my system:
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Hello - do you send out actual alerts when you make a trade?
I like HALO. Highest Volume up day of 2022 when the market was throwing up.