The stock market scan we ran last night found a few interesting candidates worth considering. In all cases, the stocks herein closed “above the previous high of the day” and each exhibited “new trend starting” characteristics, by utilizing the Wilder ADX indicator as a filter.
Summary
Market Scan Candidate – ATVI
Activision Blizzard (ATVI) had its first bullish day after buyers showed up on Thursday and Friday. The moving averages confirmed support as relative strength (RSI) began to rise. MACD is indicating that the bulls have the momentum for the next leg race back to the 50~52 pivot zone. This is where bagholders were caught by surprise.
A move above 48.50 (AOI) resistance should excite more buying.
Note ADX moved above 20 ~ 25, the threshold for “new trend developing” while ADX green is above ADX red with both moving in opposite directions. Volume started to increase on Monday.
These are the candidates on the STOCK MARKET scan; add to watchlist.
- AMD ATVI AVGO BBY BIG CLR CVNA DKS GRMN HIBB MDCO
- NVDA PYPL QCOM ROKU SIG STNE THC TWTR ULTA XLNX
ES futures 2872.88 (+2.38) are modestly higher this morning, with SPY trading 286.12 (+0.28) in the early session. Bitcoin is up +13%.
Construction Stocks – Stock Market Scan
Mikey and I were talking about construction stocks this morning. Note many stocks in this industry group are exhibiting relative strength.
Quanta Services (PWR) is one of these construction industry candidates highlighted by @heartpumper. Note ADX.
Watchlist: make sure stocks are closing above the previous high of the day.
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Happy Trading,
Vinny
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