$TSLA cleared its swing high last Friday on a pick up in volume and is in play on a pullback to the swing high around $365, which would also be a 38% Fibo retracement of Friday’s wide-ranged candle.
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$SNAP – buy/add at 80.96 (breakout to new highs)
MNDY – buy at 380.00 (downtrend line breakout)
$MRNA – buy at 465.00 (high of handle)
$NVDA – pullback to 219-220
$APP – buy at 80.33 (high of handle)
Others to watch for low risk buy points $DLO $GLBE $TSP
Per intraday alert, we bought a half position in $SNAP over resistance in the $77-78 area. The $SNAP setup was discussed in last night’s report. Note that we have a 3% add in place over the base high.
There are a few new setups on the watchlist due to Wednesday’s strength.
As mentioned above, we are adding to $SNAP over the base high.
$PLTR moved off support from the 20-day EMA on Wednesday. We have a buy stop to enter over Wednesday’s close looking for the price to work its way higher during the next few weeks.
$AFRM is still above its 10-day EMA while the Nasdaq is below the 50-day MA. No doubt a strong stock, but Tuesday’s low must hold.
Growth-based ETFs $FFTY and $IWP showed relative strength last week and after Monday’s selling are still in pretty good shape. $FFTY is above the 20-day EMA while $IWP held on to the 50-day MA. The relative strength in growth suggests that institutions may be willing to bid up growth once the current correction finds a bottom. We will see.
Growth-based $ETFs $FFTY and $IWP outperformed the S&P 500 and closed out the week above the 20-day EMA. Nice relative strength, but can these ETFs remain strong if market conditions continue to deteriorate?
$DOCS – buy at 99.22 (inside day)
$ATKR – buy near 90.00 based on Wednesday’s reversal candle holding
$MATX – buy at 85.80
$NTRA – buy at 122.15 (inside day)
$ACY – buy at 35.06
$POWI – buy at 110.00
After five lower closes in a row, the Nasdaq Composite reclaimed the 20-day EMA and put in a higher close. Let’s see if the price action can hold the 20-day EMA by Friday’s close.
The Nasdaq Composite closed below the 20-day EMA, a sell signal. That said, the current pullback isn’t very deep and the Nasdaq could easily reclaim the 20-day EMA.
The S&P 500 closed +0.2% higher but is still trading below the 20-day EMA which is our line in the sand for bull market action. If the S&P is unable to reclaim the 20-day EMA soon that would signal a change in character.
