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Scan of The Week: % Change on Down Weeks
A good way to scan for stocks going against the current...
Over the past two weeks, the general indexes (SPX, Nasdaq Composite) are down > 3% each. While this may mean it is a tougher environment to make money on individual stocks, it doesn’t mean we can’t be scanning for the names holding up the best.
Here’s a scan you can run on down weeks, looking for the best technical patterns with a high level of RS:
Performance 10D > 2x the current market to the upside (so in this case, ~6%)
Last > $10 (weed out the low-priced names)
% off 52-week highs > -25% (the best will be at or near their 52-week or All-Time-Highs)
50-day Average $ Volume > $10,000,000 (calculated as price * average 50D share volume, the purpose is to find the most liquid names)
General type filter to exclude the names that I wouldn’t trade anyways
That’s it! The cool part is you can now take this list and sort it by industry group to see what industry has held up the best and start to pick out themes that may come to fruition if the market can put in a near-term low and rally.
Here’s a list of the top 20 names, sorted by % from their 52-week high.
Strong sales and EPS out of this name HIMS. Great earnings reaction - registers Highest Volume Ever (HVE).
Nice semiconductor name with decent sales numbers. Impressive rally from the lows and the recent volume catches my eye.
About as liquid and proper as it looks out of GEHC here. Don’t think it’s actionable just yet, but the shape, volume, RS line, key moving average respect, are all things I’m jotting down in my mental notebook.
I hope tonight’s issue has been helpful and I look forward to talking to you guys again on Thursday where I’ll send my updated focus list along with a video review into the weekend.
All of the screenshots above as well as tonight’s scan have been generated through Deepvue. I highly recommend checking this platform out and getting on the waitlist for the public launch, scheduled here over the next couple of weeks.
I’ve also just created a free, 5-day email course to help you dive deeper into becoming a chart reading professional. I haven’t announced this publicly and won’t do so until later next week, but I wanted to offer it to my paid members first and get your feedback. You can sign up with your email here: