PT daily Update & Focuslist - 06/27
Good evening folks,
This market is testing our patience, but remember that money is made with the sitting. Buy right, set your SL and sit on your hands.
Let’s go!✌️
MARKET REVIEW
The market did find some resistance at the 21dma today but was able to hold very well, which is super positive. We could have easily rollover here as we did in the last few months, instead, we held the DMA intraday and were even able to close above it.
I consider that we are in a ST uptrend right now, so as long we stay above the 21dma & 1755$, I’ll be looking to 1804$ from the price structure as a potential target.
Will we go there in a straight line? probably not! But as long we stay above these levels, I am ready to give some room to both the market & individual stocks to work their way up.
Bullish scenario:
IF:
Close above 1804$ (1.95% above)
Close above 50dma (3.25% above)
THEN:
Increase long exposure to a max of 100%
Bearish scenario:
At this point, an orderly 2-3 days PB on light volume would not act as a bearish scenario as I assume we’re on a rally. If we close back below 1713$ on volume though, that would be a red flag and I would switch very defensive again.
IF:
21dma rejection & Close below 1713$
THEN:
Reduce long exposure accordingly
MARKET BREADTH
We had 1 month NNH on both the NYSE & NDX Friday. That’s a first step in the right direction. Not seen 52w NNH yet…let’s see tomorrow
Stocks > 50dma (MMFI) Positive for the day despite a red day on SPX & NDX. Was also able to hold the 50dma. No red flags here.
VIX Continues his pullback & drifts down, which is exactly what we want to see on this rally. Volatility slowly coming off this market.
ECONOMIC CALENDAR
SECTORS PERFORMANCE
Complete 180deg rotation from yesterday’s action. Despite some strong sectors being down, we are still seeing only a pretty light pullback. If selling does not pick up, we can still look only at a small PB today and maybe tomorrow.
BIOTECHNOLOGIES (IBB) has been able to hold the 119.47$ pivot I was talking about last night. Very normal action in this leading sector.
SOLAR (TAN) We were able to stay above 73.82$ and were leading today if we discard Oil & Energy sectors.
LEADERS LIST
Overall leaders 40/60 (PRIME Score)
BORR,DQ,JKS,CEIX,HRB,MPLN,LI,LNTH,CVI,CALM,EGY,PDD,FLNG,MCK,GLNG,HRMY,CAL,EXEL,BTU,EVH,
Fundamental leaders (FA Score)
MRO,AMR,HDSN,ARCH,SQM,OXY,LTHM,PLYA,METC,CPG,PXD,DDL,DINO,MXL,HST,DEN,HP,CVI,GSM,CF,
Technical leaders (TA Score)
DQ,BORR,JKS,LI,MPLN,CEIX,HRB,CALM,PDD,MDVL,CVI,LNTH,EGY,HRMY,EXEL,FLNG,MCK,GLNG,EVH,CAL,
Relative Strength 1 Month (1M-RS)
LI,DQ,QURE,RCUS,GTLB,PDD,ZH,VCYT,FGEN,EXEL,YMM,CFLT,CDMO,BEAM,DDL,AMC,HRMY,VNET,COTY,SNOW,
Relative Strength 6 Month (6M-RS)
NINE,BORR,VTNR,PBF,NEX,AMR,CEIX,EGY,CVI,LNTH,BTU,DQ,HDSN,OXY,DK,SQM,GLNG,ARCH,AR,PTEN,
PT PORTFOLIO UPDATE
Good day for the portfolio today, especially from new buys. TNA position continues to do well along RTY.
New positions:
LNTH - Tried to jump the entry pivot a bit when I saw that we found good support at the 50dma on the market weakness. When the market turned up and we were back above that supply area, I opened the trade.
PLAB - I had a pretty high conviction in this A+ BORL setup, so I set a stop order at 20.81$ which triggered @ 20.86$.
VIR - Took the intraday WB in anticipation of the 26.81$ pivot I shared last week. We did not confirm the b/o yet, but I like this stage 1 base breakout potential in a leading sector.
Trimmed positions:
Closed positions:
GTLB - I closed the trade as it was below the entry pivot and I had to reduce exposure EOD.
Alex’s FOCUSLIST
CHS
Another retail name setting up out of a tight consolidation near his recent stage 1 base top. We also had an LT wedge breakout recently. We triggered the lower 5.55$ entry today, but I was not able to take it, so I’ll be looking to the style very good 5.76$ pivot to confirm the WBPB setup.
Alert - 5.76$
SQM
A chemical, fertilizers & lithium name setting up with a nice BORL setup and right below recent swing high pivot. We tried to breakout off that 94.26$ pivot today, but were not able to close above it, will be looking for a second attempt tomorrow. No higher low in the PB so might be lower probability.
Alert - 94.26$
REFERENCES
Articles on my system:
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