Well It's that time now where we can sit back relax and get a good look at our charts. It's Bank holiday, end of 1st Q, end of the month, end of the week those bars are printed so we should be able to get a decent look at what may be going on.
For me firstly Iv'e just briefly been taking a look at the majors and volatility etf's to get an overall stand on the market. What i like here on the S&P500 We can see that in March we did not make a new low, held within February's range and just settling around the 12ema on the monthly and right around the 50ema on the weekly chart where we started to see a little bounce, particularly tech which was nice to see starting to bounce on Friday. So for now i don't think there's any reason to assume we are in a bear market yet. Noticed a few breadth indicator charts flying around too with notable lower spikes on recent selling than previous weeks.
S&P 500 MONTHLY VIEW
We didn't make a new high either but did test it so this could go sideways for a period of time, but we closed in the bottom of the range so for now i will assume we can enjoy a little bull run with many sectors and stocks oversold.
That being said, on to my scans not going to go into great detail. On this chart was just a simple scan looking for stocks where 5 period stochastic on the daily is below 30 oversold and on the weekly the 50ema is moving up smartly over a period of 20, Some might like to look for stocks over longer periods but for me i'm a short term swing trader i like to trade the now so i'm just looking for short term trades. All i'm doing then is analysing the charts on multi time frames looking at macd behaviours and momentum oscillators etc.
This one popped up right near the top of my list and straight away just looking across the board the time frames where falling in to place. What i also noticed without having to crunch numbers and go through financials was that this stock is a really nice growth stock just looking at that trend which has been strong and steadily growing along the way since 2010 when it was trading for under $10. This will have picked up many investors along the way. With that in mind this would be a perfect place for some investors to get involved again as it's the first visit to the 200 ema since this trend kicked into gear, Looks fairly cheap having dropped 25% since recent high, also at a monthly support level.
For me firstly Iv'e just briefly been taking a look at the majors and volatility etf's to get an overall stand on the market. What i like here on the S&P500 We can see that in March we did not make a new low, held within February's range and just settling around the 12ema on the monthly and right around the 50ema on the weekly chart where we started to see a little bounce, particularly tech which was nice to see starting to bounce on Friday. So for now i don't think there's any reason to assume we are in a bear market yet. Noticed a few breadth indicator charts flying around too with notable lower spikes on recent selling than previous weeks.
S&P 500 MONTHLY VIEW
We didn't make a new high either but did test it so this could go sideways for a period of time, but we closed in the bottom of the range so for now i will assume we can enjoy a little bull run with many sectors and stocks oversold.
That being said, on to my scans not going to go into great detail. On this chart was just a simple scan looking for stocks where 5 period stochastic on the daily is below 30 oversold and on the weekly the 50ema is moving up smartly over a period of 20, Some might like to look for stocks over longer periods but for me i'm a short term swing trader i like to trade the now so i'm just looking for short term trades. All i'm doing then is analysing the charts on multi time frames looking at macd behaviours and momentum oscillators etc.
This one popped up right near the top of my list and straight away just looking across the board the time frames where falling in to place. What i also noticed without having to crunch numbers and go through financials was that this stock is a really nice growth stock just looking at that trend which has been strong and steadily growing along the way since 2010 when it was trading for under $10. This will have picked up many investors along the way. With that in mind this would be a perfect place for some investors to get involved again as it's the first visit to the 200 ema since this trend kicked into gear, Looks fairly cheap having dropped 25% since recent high, also at a monthly support level.
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Some doodles on the weekly
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Alright moving onto the daily chart we can see some divergence on those lows in that deep wedge with macd's histogram, stochastics are crossing back up from oversold rsi is still oversold but we have that bounce to work with. My targets are on there from that wedge at around $38 where there is resistance which is also at 50% fib level and the 200ema is coming back into play. May even go to 61.8 and close that bit of a gap.
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Just a brief one on the hour chart
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This is all from me for now hope you all had a good 1st quarter it's sure been eventful. Have a great weekend!
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Will update on 15min chart soon just a lil out of time
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15 MIN MACD
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Will be watching these levels to buy on the 15min chart next week but never know how these markets might open up after long weekend. After hours took this stock back under $34 to 33.94 possible it could even retest the lows below that channel who knows will see next week. If the price action looks good ill be in. You may prefer to wait for a clean breakout of the downtrend first before buying.
15MIN CHART
15MIN CHART
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There is order to my chaos usually don't have time to express it good luck!