The model portfolio added one new position on Monday in $LNTH off support of the 10, 20, and 50-day MAs. Note that we raised the stop to last Friday’s low minus some wiggle room.
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There are a few stocks in play this week for those who are looking to add more long exposure (see unofficial watchlist below).
$ITCI is a biotech with triple-digit sales growth that is trading just below its all-time high. The daily chart is in play (unofficial) over last Friday’s high or over the range high.
Current Market leadership ($RIOT, 4JWN, 4W} March 12, 2021
Beaten down growth is looking pretty good, with $ARKK tightening up from left to right on the daily chart below (price swings tightening from 23% to 12%).
In last night’s report, we discussed the possibility of a gap-down reversal with US futures down more than 2% in after-hours trading. The combination of a big gap down after a two-week selloff below a major swing low and news of Russia attacking Ukraine, set the stage for a reversal, but certainly didn’t expect to see such a strong advance.
Thursday’s powerful reversal action is day one of a new rally attempt that was led by a big recovery in growth.
The Nasdaq Composite gained +3.3% on volume but closed an impressive 7% off the day’s low in what was almost a bullish engulfing day!
$ITCI a Biotech stock with triple-digit sales growth trading just below its all-time high.
The volume pattern in place since regaining the 50-day MA has been impressive with volume increasing on rallies and drying up on chop.
Our entry is over the two-day high.
$VRTX stalled at new highs but is within striking distance. A move through Wednesday’s high is a possible entry. If the price fails to move out, then monitor for a potential pullback into the rising 20-day EMA.
$HRMY’s cup with handle pattern already triggered a buy entry over the handle high at $47. The current pause is a second handle with a buy stop above the swing high. Note the RS line to new highs ahead of the price.
We are going with a 5% starter position and a standard 6% stop.
The S&P 500 held last Thursday’s low, but like the Nasdaq above will have to clear the 20 and 50-day MAs to reverse the current trend. For now, lower highs and lower lows remain in place on the daily chart.
