Broadening Action

The market has been led off the lows for the most part via Big Cap Tech. There have been other names that have done well but for the most part. Today it felt like we saw a lot more participation from other tech/growth type stocks in conjunction with quality action from some of the cyclical sectors like energy, financials, homebuilders etc. Many of these now look like they have bottomed and are set up to turn higher.

I am posting a bunch of charts. I own some of them and may be watching the others. I ventured outside the large cap core stocks I have been focused on and was rewarded. Do your own due diligence on them. It seems like the environment is continuing to improve so just knock a few down, stay focused, and if we are starting to see more broad participation there should be more opportunities that develop through time.

QQQ-Strong follow through after touching the 10 day. 2-3% in two days so a day of rest is not out of the question but expecting a reasonable close for the week. We will see

SPY- Breaking out through the $400 level and the 50SMA. Looks good.

IWM- From failed moves come fast moves. This looks to be building a base under the 20EMA and setting up for a break higher to me.

NASI- Curling into the black with RSI turning up. If we can have a good finish to the week there is a good chance we confirm through the 10EMA. That should lead to a much better and more forgiving environment. I am anticipating that

MSFT- Nice handle and setting up for the breakout higher.

NVDA-Strong follow through after holding the 10 day.

TSLA-Strong follow through after holding support. Nice clean pattern. $197.39 is the near-term pivot with $200 the big level to bust through.

NFLX-Bull flagging in the Crossback position. Looking for upside follow through. NFLX has led every move in this market. Up in January, down in February, and now turning higher.

DKNG-Strong breakout today. Looking for follow through on $19. A nice rest day would be welcome but looking for higher one way or the other.

PATH- Fake down to the 50SMA and reversal higher on good volume. Think this is setting up to take out the big weekly level at $18 in time.

AI-Strong action in the Crossback position. Looking for follow through higher.

IOT-Continuing to consolidate. Would like to see this take out 19/19.22 by the close Friday to show a breakout on the weekly bull flag.

IOT AVWAP- Supporting on the lows at the AVWAP from the January lows and tightening under the AVWAPs from EPS day and the highs. Takes those out and think this has a chance to make new highs. I use trading view for the AVWAP, write the numbers down, and then just know where they are.

ONON-Supporting on the 5 day. Waiting for a cleaner pattern but a focus stock.

RBLX- 45, 45.50, 46 are the important pivots but pushed off the 20EMA and the rising trendline today. Seeing stocks like this breakout and follow through higher would be a good sign even if don’t trade them.

FSLR-Pushing off the 10 day today and looks set up for all time highs. As energy bottoms and works higher it provides a bid to solar stocks.

MAXN-Strong action today. Need to push through this $26.60 level and extend out of this pattern after clearing the AVWAP from the highs.

SPOT-Little bull pennant around this breakout area. Really like to see some stuff like this follow through as a sign.

SE-Continuing to act well and supported on dips. Great action and like to see it really push higher from here.

PANW-Slow mover but little bull flag at this weekly horizontal level. 193 then 196 the pivots written down.

FND-Slow mover but a nice clean pattern. Interestingly, the largest holding in the XHB, which has a nice descending channel that is setting up to breakout now.

ENVX-Monster bull snort in this cult name. I had an alert at the 200SMA to put it back on my radar. Will continue to monitor as this pattern/stock develops.