Biotechs Act Well – Choppy Post Fed Action

Groups/Sectors

Performance Today from open on the Left, Performance over the past 20 days on the right.

Performance Charts from Deepvue

Deepvue Leaders Heatmap

S&P 500

Heatmap from Deepvue

Group Ranks: 1 Day, 1 Week, 1 Month, 3 Month from left to right. This is now a preset for Deepvue Members

Leaders and Key Moves

Important Note: Many of these “leaders” are leading to the downside. Still they provide a good gauge of market environment. As new leaders reveal themselves I will curate this list.

NVDA Rejected at the 21ema, watching for further weakness

TSLA Yesterday is potentially a subtle higher low and is the key level to be respected. Still below the declining MAs

META Testing the 200sma area. Below the short term moving averages

RDDT Testing lows

PLTR tightening below the 21ema. Watching for a pop above

OKTA Great action, forming a tight range here

MSTR Strong action pushing from the 21ema

ROOT still in this range, some fade today

BABA flagging back into the 10ema on declining volume, watching for reconfirmation

TGTX reconfirmation

Stocks Setting Up / Showing RS

5 Day Slope % Change in Deepvue has been my new favorite way of spotting stocks showing Relative Strength.

Now that this rally is about 5 days old I also like to use Price % Change 5 Days to see what has bounced the hardest.

As mentioned before 1 day of positive action is not enough, we want to look for persistent relative strength and stocks that are forming sound bases in new leading themes.

RBRK Forming a tight range post gap

DOCS tightening against this level, potentially forming base bottom, watching for pop from the range through the 21ema

MDGL tight action on the 21ema in this base. Biotech so added risk

MP forming a range post breakout, watching for reconfirmation

PTGX watching for reconfirmation through highs

VRTX upside reversal in this tight range above the pivot. Watching for breakout through highs

ZLAB watching for reconfirmation up from this tight range. Push from inside day

HSAI watching for push higher, holding this range

ASND watching for follow through up

TAL watching for breakout from this range

AXSM watching for range breakout

ACMR tight days on low volume, ideally pulls in more to the 10 ema then pushes up

PAGP at the DTL watching for break higher

SWTX watching for pop through the 21ema and range pivot

UBER watching for pop through the 21ema

ACLX watching for follow through up through today’s high

GEV ideally forms an inside day but watching for break through this pivot

FUTU watching for push through the highs of this range

Watchlist in List form

Potential Leaders + Mega Caps ( Overall leading to the downside for now)

NVDA, TSLA, META, RDDT, PLTR, OKTA, MSTR, ROOT, BABA, TGTX

Stock on Watch

RBRK, TME, RKT, QFIN, ASND, GEV, MP, ROOT, ADMA, ZLAB, CRK, VRTX, BROS, AXSM, FUTU, PAGP, GH, AHR, MDGL, GILD, PTGX, TPL

Themes and Leaders

Strongest Themes: China, Biotech/Pharma, Insurance, Miners, Health Care Equipment, Oil & Gas

Market Thoughts & Focus

A bit more chop today but starting to notice my watchlist acting better than the Market. ADMA +10%, GH +5%, BROS +5%, GEV +5%, TPL +3%.

Still however there does not seem to be a leading growth theme as the current leaders are in Biotech, Miners, Oil and gas… Still a constructive sign.

In the growth space

Anything can happen, Day by Day – Managing risk along the way