Interesting start to the week: The Nasdaq +.26% and Small Caps +.5% led the session. Net New Highs on both NYSE and Nasdaq were both strong signaling good breath with NYSE Advancers leading decliners 1.4 to 1.
Only fly in ointment was the XLP (Defensive Consumer Staples) which in last three sessions has risen +2.4%, +1.0% and +1.2%. This is a strange development and bears keeping an eye on if money is rotating into this Sector which is bearish.
Focus List names were in play today:
HCC +3.3% Strong day pushing away from 10ema to NH
AVGO +2.1% with an OEL Candle to reclaim 20ema. The 50d test lies ahead
LUNR – Stop /Go still in play if triggers our entry tomorrow. If not, the trade is scratched.
FIGR – had to have some chutzpah on the sharp decline into our entry at $50. Stock found support and closed $52.23. I took the entry as it tapped $50.
GOOGL Add-On Entry triggered.
XMTR – Late in the day this setup triggered.
Notable change in Tech Area:
CRWV +12.2%, IREN +9.3%, NBIS +9.6% These Data center builders all had 3 bar breaks to upside and recovered 50d MA…….all beginning to form right side of Basing structures. Maybe the next tech group to join Data Storage Stocks.
Stay flexible, cut losses short and let’s see if the QQQs can join the rally…….Ready, Set, ??
J
Thank you John, it was challenging buying at the top of the base on FIGR. Had to be Johnny on the spot.