Reviewing Last Week's Market Action & This week's Wide and Focus List Update

Prepping for Monday, June 12th 2023

General Market Review

SPY: Friday’s action was strong enough to break above August 2022 high of $431.73. It would not surprise me to see consolidation here for at least a couple of sessions but have enough exposure on to make progress on account if we move higher. Not a lot to comment on as all MAs are stacked and moving to the upside.

QQQ: Clearly the leading ETF and bounced where it should have off of the 10EMA. Viewing the $346.5 area as important support if we lose the 10E this week, by that time 20EMA should have caught up as well. Much like the SPY, we are in a clear uptrend and have to let individual stocks guide our actions.

IWM: Got a bunch of levels here on watch:

• High of Friday’s bar: $186.61 for short term trend reversal back to upside

• Close of Tuesday’s power bar, $184.31

• Close of last Friday’s character change bar, $182.02

• Low of last Friday’s character change bar, $177.45

Rising 10EMA almost above level of interest #3, and 20EMA will be above 200DMA by tomorrow’s close barring serious weakness. Overall this is healthy rotation and do believe a continuation higher here is in store. Wouldn’t be surprised to see IWM $200 by September.

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Wide Focus List:

I track 4 main watchlists, and they are the following:

• Gap Ups (Earnings or News)

• IPOs (Last 3 years)

• Momentum Names (HTFs, ShortStrokes, Meme Stocks)

• Institutional Darlings (Liquidity!)

These 4 lists house all of the stocks in my universe and I will look through these on a daily basis.

Here are the names that stood out from these WLs this weekend:

BRZE ONON IOT TSLA SHOP BHVN AMD AEHR DASH SMCI GTLB CRDO EXPI AI GLBE FLNC UBER MGNI NVDA MRVL U BLDR DBI ENTG THO DUOL PLTR CELH ASAN NXT ELF ANF LTH DKNG NNOX TNYA ACVA VSTM YEXT GSIT SFIX

Very few of them are in buyable positions, and those that are will be on my focus list heading into tomorrow’s session. ↓

Focus List:

Most names on my Wide Focus List are not in buyable positions but here are the ones I have alerts set on and buy/sell points I’m looking at: