Trading Plan: 1 April 2022

Nasdaq (-1.54%) closed in red with higher than average volumes. This weak close might send the price back to the old support at 13850 in the area where EMA21 and SMA50 are present.

SP-500 (-1.57%) also closed in red with volumes higher than yesterday. The direction seems to be down to the main averages area. Watching this area -which may act as a support - for a bounce (mean reversion).

In the news

Apple adds a subscription product for companies (Business Essentials, which ranges from $2.99 per month to $24.99 per month per worker).

AMD falls 8% after Barclays downgrades stock, warns about PC, gaming markets.

Anonymous’ next cyber target: Western companies still doing business in Russia.

2-year Treasury yield tops 10-year rate, a yield curve inversion that could signal a recession.

Sectors

Best yesterday sector: Utilities, then Consumer Defensive. Worst sector: Consumer Cyclical.
Best weekly sector:Utilities, then Real Estate. Worst sector: Financial.
Best monthly sector:Utilities, then Basic Materials. Worst sector: Consumer Defensive.

Sentiment

NAAIM (weekly, neutral between 70 and 90): 79.72
VIX (neutral under 20): 20.56
Equity Put / Call Ratio (neutral between 0.7 and 1): 1.00
CNN Fear & Greed: 51 (Neutral)

Breadth

Stocks above SMA40 (neutral between 30 and 80): 56.08%
Stocks above SMA200 (neutral above 30): 37.51%
Number of stocks that increased yesterday by more than 4%: 88
Number of stocks that decreased yesterday by more than 4%: 207

Earnings Reports

UiPathshares dive 25% on weak outlook.Walgreensshares fall as pandemic demand slows and healthcare investments ramp up.

Noteworthy earnings reports for today:

What to trade today

Not an ideal time to trade as the indexes seems to be in a (small?) retracement. Many stocks showed a wide red bar or topping tail suggesting a capitulation and a probable move lower. I will not short till a breakdown of their support (if the case).

You may consider adjusting the Stop Loss for long positions.

I will watch the stocks already presented during this week's Trading Plans, but no intention to trade new stocks today.

Do your due diligence if or when placing a trade. All ideas stated here are my own and do not represent trading or investment advice.

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