Trading the Charts for Thursday, March 28th

Mar 28, 2024

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Earnings reports for the week…

Macro reports for the week…

CPI spreadsheet…

FOMC updates…

New highs vs new lows…

Market momentum…

$TNX (10Y Treasury)

$VIX

$CL1! (Oil)

SPY (S&P 500, market cap weighted)

RSP (S&P 500, equal cap weighted)

QQQ (Nasdaq 100, market cap weighted)

QQQE (Nasdaq 100, equal cap weighted)

IWM (Russell 2000, small/mid caps)

IWO (Russell 2000 Growth, small/mid caps)

Finviz screen #1: ACGL ACMR ADMA AEM AGIO ALAB ALPN APO APP ASPN ATAT AVGO AX AXNX BBAR BBVA BEAM BK BLBD BMO BPMC BROS BTSG BZ C CAVA CELH CFLT CIFR CIVI CLBT CLDX CLSK COIN CP CPRX CRWD CYBR DASH DB DKNG DUOL DXCM EDR EGO ELF EPRT ESNT EVH EWBC EXR FCF FDMT FIHL FNF FROG FRPT GGAL GLNG GTLS HALO HASI HBM HIMS HTGC HTHT IBKR IBRX INSP INTR IOT ITCI JPM JXN KKR KYMR LLY LPG LW LYV MARA MMYT MNDY MS MSGE MU NBIX NCLH NET NMR NTRA NTRS NTST NU NVDA NVEI NVO NWG NXT ONB ONON OZK PCOR PGNY PGR PMT POST PR PRM PSN PWR QRVO RBA RCL RITM RKT ROIV RUM RYAN RYN SBS SDRL SG SLM SMCI SMFG SN SOUN SPR SRPT STR STT SWAV SYF SYM TARS TCN TCOM TDW TECK TGTX TOST TPG TW TWO VIRT WHD WPM WYNN XNCR XP XYL YOU

Criteria: stock price above $5, market cap above $1 billion, above 50d sma, above 200d sma, average daily volume above 500k, sales growth above 20%

Below the paywall is my:

morning commentary
daily watchlists with charts
link to current trading portfolio with all positions, entry prices and stop losses
YTD trading stats and performance

Commentary:

I don’t love doing lots of trading on the day before a long weekend (markets closed tomorrow) but it will depend on the price action after the open. There’s some decent setups this morning… some are potential breakouts and some are mini pullbacks.

The price action yesterday in some of the recent leaders was pretty ugly, curious to see if that trend continues which means money might be rotating into other sectors and some of the beaten down stocks. Also worth noting that the Russell 2000 was the bigger winner yesterday, closing at a 2 year high, if the 10Y yield continues to move lower then IWM could keep chugging higher.

Current trading portfolio [click here]: