Market Outlook and Wide Watchlist 5/13

Hi everyone,

I hope you are having a great weekend!

In this post I’ll concisely share my thoughts on the market health and provide my wide 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 grind higher above the rising 21 and 50 sma. We did have a bit of negative action Friday before a decent close.

The SPY is weaker and more rangebound, but is still above a slightly rising 21 ema.

The IWO is the weakest and also range bound as it consolidates. Which way will it break?

Trends ( Based on QQQ)

Shortest - 5 Day SMA - Up - Above Rising

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Up - Above Rising

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Looking through my screens I noticed:

• Continued strength in Biotech, Pharma

• Resurgence in Solar/Alt Power generation

• Software working off lows

• New Gappers appearing

Wide List

Here is my wider list for next week. A good subset of stocks to use when building your focus list. I’ll post my personal focus list tomorrow.

From Deepvue:

AAPL GABT ACAD ACLS AMAM AMAT AMD APP ARLO ARWR AXSM BMEA CBAY CELH CHDN CMG CRSR DDOG DKNG DT DUOL DXCM EME ENTG EXAS EXP FCNCA FSLR GOOG GT HIMS HUBS IDCC IDXX IMGN ISRG LEGN LNTH LRCX LULU LYV MAXN MDGL MDT MELI MRK MTH NABL NNOX NVDA NVO NXT OLLI ON ONON ONTO PACB PLTR PODD RARE RELY RMBS RVNC SE SGML SHAK SHOP SMCI SNOW STNE SWAV TAP TGTX TMDX UBER VIPS VSH WING WST XRAY ZTS

Final Thoughts

A little bit of a stress test last Friday but Gappers are still emerging and leading groups are still acting well. Watch the stocks and ignore the opinion of others. We are still in a bit of a choppy range.

Be ready for anything and manage risk!

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Have a great weekend!

Richard