Wild earnings and plenty of set ups
Markets are pushing higher on better-than-feared earnings. More and more set ups are starting to emerge so ... is it time to trade?
Going to keep things short n sharp again.
Markets remain somewhat volatile and unpredictable amid US earnings season.
53% of S&P 500 companies have reported first quarter results:
79% EPS beat rate
74% revenue beat rate
28 negative vs. 20 positive guidances
-3.7% year-on-year earnings per share growth rate
The S&P 500 daily looks relatively constructive.
Week in Review
Sectors in Review
Weekly Watchlists
My charting process involves manually going through 200-500 charts a few times a week. My filter is quiet simple: The stock must trade above its 200-day moving average and trade above 1 cent.
The charts are then categorised into three categories (we’ll call them 1, 2 and 3).
1: Top tier set ups trying to break out, high-profile stuff to watch over the next few days (sometimes 1s that break out will stay here for a week or two)
2: Set ups that need a little bit more time or not quiet there yet
3: Stuff that’s already broken out (e.g. might’ve been 1/2 in previous weeks) or interesting charts that aren’t my style
The charts below typically come from (1).
Here’s the link to all of this weeks charts (txt format for TradingView)
Stocks of Interest
The VIX is at 15.7 (lowest since November 2021) and indices look constructive, so a somewhat tradeable market. That said, we’re still in the heat of US earnings season, which could whipsaw the above two factors.
Audinate (AD8): Remains in base.
Data#3 (DTL): Base.
MMA Offshore (MRM): Starting to push out of base.
Patriot Battery Metals (PMT): Was looking very constructive until the -6% last Thursday. Needs to tighten from here.
Allkem (AKE): Lithium starting to bottom in-line with spot prices. Can they pull a constructive base? Allkem trying to push key level.
Aristocrat (ALL): Weekly chart. Pushing a 14-month base.
KMD Brands (KMD): I hate retailers but KMD starting to looking constructive around these levels.