Weekly PrimeTrading Stocksletter - Week28 📈
PrimeTrading Market update, Watchlist, Focuslist & Stocks Setups 📈
Disclaimer: The information contained in this text is not financial or investing advice.
NOTE: If gmail is limiting the length, please see the letter in Substack website for a complete version.
PrimeTrading Watchlist
You can access my Excel spreadsheet which contains my current Stock watchlist.
You can navigate the spreadsheet and sort the list by any metrics you’ll want. Setups, Fundamental, Technical, Prime score, 1M return, 1M Relative Strength…etc
I’ll update the watchlist on a weekly basis.
Here:
General Market Review
QQQ
State: Uptrend
Extension 10WMA: 4.69%
This week was very interesting with the sudden gap down straight at the 10DMA, but we managed to climb back from there and finish the week green.
We are now 4.69% extended from the 10WMA, which is still very healthy. Ideal scenario would be that we let the 10WMA catch up a bit more from here before getting too extended. We just have 8 green consecutive weeks, which is a lot.
There is the upper trendline that could be acting as resistance right above around 370$ for this week if we continue higher.
Thing for sure, we will need a little break sooner or later, until then, you have to ride that trend.
SPY
State: Uptrend
Extension 10WMA: 2.9%
Still riding that 10WMA like a champ and we just got out of a consolidation which we almost retested the breakout level this week. Closing green here was very positive and confirmed the trending market imo.
One very important level that we will have to watch sooner than later is that uppertrend for the super cycle from 08/09’ bottom.
QQQ’s have closed above and changed character at that level, will we see the same from the SPY?
IWM
State: Range / Wedge
Extension 10WMA: -0.06%
Smallcap continue to lag QQQ’s and SPY’s action. This week selloff was a lot worse in this space than in the larger cap names.
We even retested the uppertrend line which seems to create this wedge formation. We found support above the range lower level of 215.56$ which is positive imo. Buyers are stepping higher now that at the beginning of that range.
As long we stay in that range, there is nothing to worry about. BUT, it certainly some head winds for the smallcap space and produce a lot of false breakout and volatility around these levels.
IWO
State: Range
Extension 10WMA: 1.13%
Still ranging just as IWM. Both indexes are following pretty closely.
Current PrimeTrading positions
You can see my Tweeter feed to see my current positions annotations, but here is my current holdings and position size for now.
BTU (+8.91%)
OSTK (+7.61%)
STAR (+7.12%)
TBIO (-0.34%)
RRC (+0.56%)
FocusList & Weekly trade Setups
HIMX - Himax tech.
Entry : 16$ pivot break
FA score: 72
I really like this name from a fundamental & technical perspective. First, we are at a very very important level, ATH at 16.15$. We broke out of a big wedge formation and tried to breakout to ATH a first time, got rejected and supported by the 10WMA. Notice how we retested again 2 weeks ago and was rejected again but on lighter volume last week. Again support at the 10WMA.
That 16$ level could really be a big catalyst for this name.
TWOU - 2u, inc
Entry : 46.40$ pivot break
FA score : 43
Looking at a classic stage1 breakout situation here. We kinda have our low cheat entry last week, but I would wait for 46.40$ pivot to be tested before entering as I think last summer high are a more important level here.
PACK - Ranpack Hold.
Entry : Market open or 25.11$ pivot retest limit order
FA score : 46
I really like this setup. Broke out of a 16 weeks consolidation at mid-May, but then reversed and failed at the 10WMA. This type of action creates a shakeout and then traders who lost their position have to chase back the stock higher, creating a good momentum play.
Last week we had our retest of previous 25.11 pivot and managed to make an ATH from here.
Very high on my Focuslist for next week.
CHWY - Chewy inc.
Entry : 87.60$ pivot break
FA score : 62
Mostly a low cheat entry maybe in a larger pattern such a cup from here. It could be a nice entry for an investor which aims to hold this name on longer term. We have that 87.60$ level which acted as resistance in March/April and then we undercut the 200DMA but managed to climbed back and making a run for the pivot from the 10WMA.
Not my type of setup, but might be for some ppl watching this name for LT hold.
INMD - InMode inc.
Entry : 98.12$ pivot break
FA score : 51
We just had last week our classic breakout level retest. We even had an undercut which can create a great fuel for going higher from here. I also like the volume profile here around this level, notice how selling was really low 2w ago on the first move for the retest of the level. This is not a big flush hard to the level, which is very good imo.
DKS - Dick’s Sporting
Entry : 102.33$ pivot break
FA score : 42
Price action getting really really tight right at ATH. Notice each rejection for 101/102$ pivot being less and less extended and being supported each time by the 10WMA. Classic wedge pushing for a breakout here.
XEC - Cimarex Energy Co
Entry : Market open or 73.96$ pivot retest limit order
FA score : 49
Classic VCP and wedge working against 52w high level here as well. Notice how we are getting squeezed by the 10WMA here at this level. Only way out is higher ;)
FSLR - First Solar inc.
Entry : 94.08$ pivot break
FA score : 45
We have a low cheat breakout retest setup here. Notice how we broke out 2/3w ago on big volume, and this week we retested and got supported by this breakout 86.78$ level.
I really like this kind of setup as it gives a confirmation, hence a higher probability trade.
I would play the 94.08 pivot for an entry.
MGI - Moneygram Int.
Entry : 10.87$ pivot break
FA score : 32
Working that right side of consolidation very well and we can see a clear dryup in volume and tight closing range, which indicates a lack of supply here.
I would play the 10.87$ pivot here that could give an early entry.
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Cheers! 🍻
Alex