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.
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.
Join us today in the trading room today for our LIVESTREAM broadcast during market hours, as we navigate the current environment. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
Want to become a member? Check details here:
Disclosure: As an #ibdpartner, that means my use of investors business daily suite of services is complimentary. I also receive compensation from the company for my technical analysis services.
Disclaimer: Do your Own Research
Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional investment advisor in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. Trades and or positions listed and taken from the watchlist are my own and should not be considered “advice” to enter any particular position or asset.
Investment Warnings
We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.
Live Sessions
Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.