Weekly Prep & Review For June 20, 2023

Market review, watchlists, and focus list for this week.

Market Review:

SPX: Overall price action on the SPX is positive with all MAs in upwards trends and price registering 52-week highs. Not a lot to be worried about here — note we are within healthy ranges of 2-4% on the Webby RSI (the day’s low vs. the 21EMA) so a continued move higher would not be surprising. We want to see healthy rotation from the tech side of things into this index along with the IWM over the next couple of weeks.

Nasdaq Composite: Got a little stretched on Friday as we tagged the 4% upper bound on the Webby RSI. This isn’t an immediate pullback signal but is definitely one that says we’re due for some sideways action at the very least. Price wise — we are above all MAs (which are uptrending) and we continue to see 52-week highs. Don’t know if we’ll consolidate and get rotation out of tech into other groups but would be welcomed, although would not be surprised if this thing rips higher given how much money seems to still be on the sidelines…

IWM: Chopping around above the 10EMA + key level of $184.31… want to see some power to start the week tomorrow or do think we’ll see consolidation in SPX/IXIC. Nothing technically wrong here, 10/20/50DMAs uptrending with the 200DMA flat/uptrending. Would love to see 50DMA reclaim 200DMA this week (would take some power…)

Watchlists:

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

• Earnings Gappers

• IPOs

• Momentum Names (HTFs, ShortStroke, Meme Stocks)

• Institutional Darlings (Think FAANG, TSLA + NVDA + AMD, etc)

Here are the updated tickers on each of these lists:

Gappers:

NCNO ABCM SPOT APP HLIT TDC GGG DBI MGNI NNOX UBER ISRG EXPI VSH LYV VREX CELH ANF MDXG IOT VEEV NEXT ACVA ELF VYGR IMGN ONON MDB BLDR ARLO SHAK ZUO LEGN THO LMND PLTR GLOB SHOP MNDY ATOM NTNX ENTG TGTX AMD YEXT GTLB MANU BMEA SMCI VSTM PRTA VKTX OSCR

IPOs

ENVX SYM SPHR APP SDA GLBE DASH U DOLE SLRN CRDO SDGR BRZE CFLT NNOX ASAN DNUT MBC GEHC IOT CXT COCO UPST ONON LTH DKNG AVDX PLTR SGML MNDY IONQ ROIV NXT XPER DUOL BHVN ACLX SNOW KNF AI FLYW ARRY FLNC CRSR BMEA PRVA

Momentum:

STNE INOD TTWO VERA NNOX TNYA AVPT APYX CMG HBIO GOOG CPS IONQ ATOM CBAY TGTX EYPT SNOW CVNA INZY RXRX APLD IMVT SANA PLAY WEAV YMAB IOVA AEHR AMTX GSIT TAST MVIS GRCL

Institutional Darlings:

TSLA NVDA META AAPL TWLO CMCSA GOOG MSFT DDOG ZS CRWD NFLX AMD NET

Wide List + Focus:

Here are the top names from my watchlists that I’ll keep a close eye on throughout the week…