Market Review+Position Analysis (22/07-26/07 2024)
“Remember, only losers fail equally.” -Mark Minervini
Last week in review 👉🏻Market Review+Position Analysis (15/07-19/07 2024)
This week's market behavior:
$NASDAQ 100 Index(.NDX.US$ & $S&P 500 Index(.SPX.US$ distributed on Wednesday and Thursday;
$Russell 2000 Index(.RUT.US$ Draw money on Tuesday and Thursday.
RUT>SPX>NDX.
The main indices NDX and SPX were liquidated at an accelerated pace this week. Judging from the trading volume on Wednesday and Thursday, there are suspected signs of “capitulation”. The trading volume dropped sharply on Friday, and the price recovered slightly. Combined with the current price position, the direction of the original trend, changes in the trading volume in key positions, and the position of VIX, there is at least one opportunity for a high return ratio of rebound transactions; RUT ignored the liquidation of the two major indices. During this red week, it continued the intensity of breakthroughs not long ago; IWM, XBI, housing builders, regional banks, etc. Wait is still Currently the strongest ETF/section.
Weekly chart:
NDX retraced a little above the 30-week line, and SPX seemed to refuse to move downward on the 10-week weekly line, and the RUT continued its strength after breaking through the big cycle (STAGE1); it is worth noting that the RUT chart, like many individual stocks (you can refer to the NVDA and SMCI charts at the beginning of the year), had abnormal trading volume for 1 week or 2 consecutive weeks before the big cycle broke through, and has always followed the principles of supply and demand.
Personal breadth records:
The strong breadth has been maintained for 2 and a half weeks to see if it can continue until the end of August; this breadth is not at all the same story compared to what was told in 2023, and trading ideas need to be changed along with it.
Market sentiment:
AAII saw a sharp rise in the pre-market share on Thursday, and the share of watching bulls dropped sharply. The market, as always, was trying to work against the sentiment trend, showing a slight effect after Friday ended.
The Fear & Greed Index has taken another leg in the fear range, where prices have gone from extreme greed to neutral, and VIX and options are in the panic zone.
Current Positions:
wherein $Marathon Digital(MARA.US$ (RS 94) $Catalyst Pharmaceuticals(CPRX.US$ (RS 86) $Tesla(TSLA.US$ (RS 71) $Carvana(CVNA.US$ (RS 99) $ProShares UltraPro QQQ ETF(TQQQ.US$ (RS 92) $Tenet Healthcare(THC.US$ (RS 98) was already mentioned in yesterday's “Deal of the Week Roundup”.
$Palantir(PLTR.US$ (RS 94) was sold off along with the market on Wednesday. The previous consolidation zone was tested on Thursday. The current recovery is slightly stronger than the market. The financial report will see if there is an opportunity to continue to cut, and the stop loss was adjusted to near Thursday's low.
$Rocket(RKT.US$ (RS 95) hit a recent high closing price on Friday. If the price is too aggressive before the earnings report, it will be cut, and the stop loss will be adjusted to near Thursday's low.
$Super Micro Computer(SMCI.US$ (RS 96) The impact of continuous losses caused by not stopping losses immediately at 840-850. The price has just ended 10 consecutive declines, and there are no plans to add or reduce it in the short term; it just joined the NDX index this week, and recently joined the SPX index, but it has always been maverick. Currently, 7% of positions hang there as a warning for themselves.
$TG Therapeutics(TGTX.US$ (RS 96) The recent pullback was a natural reaction, mitigating the excessive rapid rise in the previous period. The remaining 80% positions continued to ride. The advantage of the large cycle and the strength of the sector were the main sources of confidence for continued holding.
$Palo Alto Networks(PANW.US$ (RS 78) Although the weekly chart is suspected to be forming a handle for the back cup and handle structure, the current strategy remains unchanged. This small portion of positions is protected by 50MA, and will not be added unless the price breaks through the top of the upper range.
Current cash share: 19.62%
Here's a quote for yourself
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
