We ran some Marketsmith RS relative strength scans this morning, looking for candidates that were trading at highs like Quanta Services (PWR), with earnings beats, while the S&P500 and Nasdaq were showing weakness. Breakouts are likely if the indices move higher today.
Summary
MarketSmith RS Scan
These are the MarketSmith candidates we liked best.
Quanta Services (PWR)
Quanta Services is an American corporation that provides infrastructure services for electric power, pipeline, industrial and communications industries. Capabilities include the planning, design, installation, program management, maintenance, and repair of most types of network infrastructure.
PWR is our favorite from the MarketSmith RS Scan, extending its breakout with a bullish engulfing candle today. This is what the chart looked like prior to the open.
Quanta Services (PWR)
Quanta (PWR) breaking out today or tomorrow seems likely. The volume is increasing on the surge in price action today.
Earnings have been good. Thursday night brings AAPL, AMZN, and FB to like. Starbucks and Atlassian will report as well. These stocks could buoy the bullish support bounce that started today. Our fingers are crossed.
MarketSmith Breakout Alerts
These are the break alerts for the week thus far.
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Happy Trading,
Vinny
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