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$TSLA closed with a bullish outside day and reclaimed the 20-day ema. The recent pullback looks to be forming the handle portion of a 42% deep cup with handle pattern.
The buy stop entry is over Wednesday’s high with a protective stop beneath the three-day low.
The S&P 500 joined the Nasdaq Composite below the 50-day MA this week which puts the timing model back in sell mode.
For the model to return to buy mode either the S&P or Nasdaq must close back above the 20-day EMA.
The S&P 500 joined the Nasdaq at falling below its 50-day moving average.
Our game plan is to sit tight and manage existing positions.
Commodity-based stocks continue to lead while tech struggles.
Oil, coal, gold, and agriculture closed out last week’s trading with bullish action.
$CF is one of the strongest stocks in the market and part of a top 10 industry group.
Thursday’s inside day creates an entry over the high of the day.
week.
The high of Wednesday’s inside day is the buy entry plus a few cents. Our target is around the $12-12.50 area.
$DFS is forming a ledge, which is what we call basing action in a downtrend when the moving averages are stacked to the downside (20<50<200).
The highs of the ledge stalled just below the declining 50-day MA and is now in chop mode setting lowers highs.
This is not our usual CANSLIM-based setup in a growth stock. This is a swing trade in $RIOT for a quick pop in a stock that is moving off the lows.
The entry is based on Monday’s tight-ranged inside day just below the 8-day ema. The buy stop is over Monday’s high. $MARA , as stock in the same group has a similar look.
Stocks bounced back late Friday afternoon leading to decent reversal action on the daily charts of most broad-based indexes.
The Nasdaq 100 and S&P 500 closed in the upper half of the day’s range and held on to the 8-day ema.
$SEDG is not an official setup, but has held up well the past few days at the 20-day EMA after a second false breakout.
A move through Thursday’s high is the next entry point. Not an official setup.