Market Outlook and Weekly Watchlist | 4/23
Hi everyone,
I hope you are having a great weekend!
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 continues to work sideways above the prior pivot. It is above all MAs except the 5DMA
The SPY is weaker but showing similar action above a rising 21ema.
The IWO is forming out a potential base bottom as the MAs converge.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Down - Below Falling
Short-term - 21ema - Up - Above Rising
Intermediate term - 50sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Looking through my screens I noticed:
Continued strength inBiotech
Building related stocks strong or setting up
Medical specialties among strongest
Bio Pharma acting well
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.
I wrote an article detailing my exact process for building my watchlist:
Keep in mind some of these are lower dollar volume names which means you have to manage risk tighter. It is also earnings season so be sure to know when companies are reporting.
ALGN BMEA DUOL DXCM FNV FSLY IOT ISRG ONON SCYX SPOT MBLY GNLX.
In Deepvue:
Final Thoughts
There are still some key earnings reports coming out. I like how the indexes are basing as more names break out and act well.
Be ready for anything and manage risk!
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Have a great weekend!
Richard
Thank you