Market Review+Position Analysis (03/06-07/06 2024)
Last week in review 👉🏻Market Review+Position Analysis (28/05-31/05 2024)
“If you listen to what others say rather than pay attention to what stocks tell you, you might be very confused.” -Mark Minervini
A quick review of this week's markets:
$NASDAQ 100 Index(.NDX.US$ Fundraising on Wednesday;
$S&P 500 Index(.SPX.US$ Fundraising on Wednesday;
$Dow Jones Industrial Average(.DJI.US$ Funding is drawn up on Wednesday and distributed on Friday.
NDX>SPX>DJI.
As last week's analysis showed, it didn't take long for the market to reach new highs, but in terms of stocks, with the exception of a very few strong names, most were in a state of shock. Many stocks were re-evaluated over the weekend. Some names have already been put on the list of potential cuts/clean-ups, and some new names have entered the watch list.
NDX and SPX weekly charts:
The medium- to long-term upward trend is still in the early to medium term; nothing here currently shows any potential problems.
In terms of market sentiment:
AAII's bear-watching ratio suddenly reached a recent high on Wednesday. The last time there was a similar emotional jump was on April 17.
The Fear & Greed Index is still around 50, which indicates that the real upward trend has not yet begun, and many potential opportunities have yet to be revealed, and they need to be carefully sought.
Current position profit and loss and ratio:
$Appfolio(APPF.US$ (RS 85) tested the previous gap position several times, just bought it, and needed some time to give him some time to give him feedback.
$Royal Caribbean(RCL.US$ (RS 94) Currently, all behavior is still normal; continue riding.
$Tradr 1.5X Short NVDA Daily ETF(NVDS.US$ If there is no shock and exit, there are potentially good short-term returns, and if you are out, you won't lose anything.
$Warrior Met Coal(HCC.US$ (RS 93) On Tuesday, the entire coking coal industry was sold in groups due to news. HCC, as the current leader in the industry, was no exception. Over the next three days, it gradually recovered slightly to see if it could cool down next week.
$Netflix(NFLX.US$ (RS 92) Currently, the behavior is still normal; 30MA has already worn 50MA.
$Vita Coco(COCO.US$ (RS 61) After breaking through, the contraction took a break for 5 days. Currently, it is normal behavior, and the price is still above 10MA.
$Signet Jewelers(SIG.US$ (RS 91) After the VCP broke through, it created a higher high point, then took a break for 4 days with low trading volume. This is normal behavior and is in a potential new handle position on a larger chart.
$Robinhood(HOOD.US$ (RS 98) is still above the gap. The previous trading volume showed very strong strength. If not out, it would be a potentially high-return name.
$TransMedics(TMDX.US$ (RS 98) is currently one of the strongest names on the market, but it's still a bit overextended, and 50MA still has a long way to catch up.
$Spotify Technology(SPOT.US$ (RS 96) After breaking through this week, it came back close to the breakout line. The increase was raised on Friday, and the stop-loss line was raised. If there is no sign of improvement next week, it will consider cutting.
$Elanco Animal Health(ELAN.US$ (RS 95) The action after breaking through the climax flag was pretty good. I haven't seen any distribution dates yet. Wait for the 30MA and 50MA to catch up and keep riding.
$Western Digital(WDC.US$ (RS 96) The daily candle behavior has not seen a red flag, but it has been held for too long. If there is no breakthrough next week, a reduction will be considered.
$Tesla(TSLA.US$ (RS 17) It has remained quiet above 50MA. The moving averages have begun to intersect. In the future, a catalyst is needed to trigger action. If the action is normal, there may be new additional points in the future.
$Crocs(CROX.US$ (RS 92) Squatted back after breaking through. Currently, the price remains near the breakout line. The price rose on Thursday with the largest trading volume. The 50MA has not caught up with the stop-loss line, so we will watch it for a little longer.
$ProShares UltraShort Bloomberg Natural Gas(KOLD.US$ We have long been accustomed to large fluctuations in natural gas. Currently, futures have returned to the downward trend line to see what actions will be taken next week. Profit protection was already in place in the early stages, and trading, which is already undefeated, continues to follow the original rules to keep running.
Current share of cash: 9.2%
“Some people read charts, while others are proficient in and understand the science and art of measuring the laws of supply and demand. In other words, know what's normal and what's not normal under specific conditions (that's all you need to know). When you learn to do that, you'll be empowered and given a long and prosperous career of stock speculation.” Mark Minervini
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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