When the market is confusing, patience is your best strategy. Wait for major indexes to reclaim their. Fishing for stocks in a high VIX environment is just gambling—you’re a hero today and a loser tomorrow. Protect your capital first.
As I continue to monitor semiconductor stocks, which are mostly in rough shape right now, $NVDA, $AVGO, $AXTI, and $CBRS currently stand out as potential leaders exhibiting relative strength within the group.
$QQQ is sitting at a key decision point rn. Friday’s fade was a near-perfect backtest of the reversal pivot.
Now the roadmap is simple:
1. A reclaim of the base and 21dma structure, followed or preceded by a higher low, would begin building the right side of the base.
2. A rejection here would likely open the door to a larger pullback.
No need to predict. Let price confirm which path is taking control. As of now, and until we confirm which of those scenarios and how price acts AROUND the 21dma-structure, there is no edge for me yet.
Great move for $AMZN from here I'll be looking for some kind of right side of the base. Ideally a pullback on top of prior support where it gets tight and can turn up. There are probably faster movers, but looks like it can get going to next base high soon.
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$DELL $HPE $NTAP $DDOG $SNOW $OKTA $CRWD are still some of the most interesting bases and themes for me.
The only caveat is the market's overall health, which is poor.
Waiting for a catalyst/trigger for a trending market again.
@TedHZhang@Deepvue Hmm I see few good ones setting up though - $DXCM, $ILMN, $NET, $NTNX, $DELL, $SNOW, $DDOG, $CVX, $VLO, $PBF, $OXY $BAP .. and so on - but not a very long list that would indicate healthy conditions yet.
$NTAP cleared the 176.97 marked high / early pivot of a developing cup base following an earlier Monster Gap. It formed a cup base (192.83 standard pivot). See if it forms a handle.