Market Outlook and Focus List 4/9
Hi everyone,
I hope you are having a great weekend and Happy Easter!
In this post I’ll concisely share my thoughts on the market health and my focus list for next week. If you find it useful please make sure you are subscribed!
This article is brought to you by Deepvue. The platform that I use as my daily driver for screening, charting, alerts & more. Learn more at Deepvue.com
Now let’s dive in ↓
Market Action
The QQQ remains above all the moving averages except the 5 sma.
The SPY is a bit weaker but is still above the short term to long term MAs
The small cap growth IWO is the weakest and shows how the big caps have been holding up the other indexes. It is below all MAs.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Mixed - Below Rising
Short-term - 21ema - Up - Above Rising
Intermediate term - 50sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Software and Tech pulled back somewhat last week but remained in trend. Semiconductors as well.
Looking through my screens I noticed strength in these areas:
Electric Utilities, Biotech + Pharma, Precious Metals & Miners, Energy & Oil
Many Precious metal stocks look similar to AEM below, strong but a bit far from a low risk entry point
Focus List
Here is my focus list for next week. Let me know your thoughts on these stocks in the comments and let me know any tickers that you are watching closely.
TSLA PODD ONON MAXN LULU IRDM IOT IMO HIMS FSLR EXAS DUOL CERT BMEA BA
In Deepvue:
Final Thoughts
The small caps are still weaker than I would like to see. It will be interesting to see how semiconductors fare this week after their pullbacks.
Overall the majority of trends as I see them are still up and we shall see how that develops. I’ll be watching for more rotation into metals/ utility areas
Be ready for anything and manage risk!
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Have a great weekend!
Richard
Nice summary Richard, Deepvue stats are helpful
Thanks Richard, here is my list:
As far as individual stocks from an all-around perspective of technical and fundamentals factors, narrowing down the long list from previous reports, my favorites are:
1) NVDA ANET MELI ONON,
2) followed up with PANW META ALGM LSCC IOT RMBS AMD STM SMCI AXON,
3) the more spec off the bottom plays that are shaping up include AI SE PATH HUBS FOUR PD SQSP DUOL.
4) GLD is in play as are many of the gold miners like AU GFI AGI WOM GOLD OR RGLD etc. and/or SLV. And in this commodity space keep an eye on USO the crude oil ETF.