Market Outlook and Wide Watchlist 5/20

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 watchlist 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 trend above the rising 21 and 50 sma. We are getting historically stretched from the 50 sma (6.5% above)

The SPY broke out from the shorter range, rests right at the upper pivot. Above the moving averages.

The IWO is still the weakest and struggled to push above the pivot. Above the MAs now.

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:

• Semi conductors re-asserting leadership

• Big Cap strength (ST extended?)

• Software, biotech working
  

Previous WL Performance

AMD and NVDA among the top weekly performers. DKNG, IMGN strength late in the week. Solar quick fade after the news but now ST extended to the downside? ONON very poor action after earnings.

New 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. Less names than last week.

From Deepvue:

AI ALGM AMAT AMD ARRY ARWR BILL CELH CHDN CRSP CSIQ CVNA DKNG DT DUOL FLEX FSLR FTNT FWONK GGG GRMN IDYA ISEE LMND LNTH LTHM MAXN MNDY NNOX NTLA NXT ON PACB PAGS PRTA RCL RDFN RIOT SGML SHAK SHLS SHOP SNOW STNE TGTX UBER XPO

Final Thoughts

There are still setups out there and many stocks acted well last week. However we may need a short pause to consolidate the moves a bit.

Be ready for anything and manage risk!

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Have a great weekend!

Richard