To The Moon

Nasdaq (+0.29%) continued the recent downtrend and made a bottoming tail candle while the price was rejected by the EMA10. Paying attention to both a reversal back to the SMA200 if the price has the power to close today above Friday’s high or a reset of the support at ~13.800.

SP-500 (+0.34%) showed the same type of candle, but this time, the price was rejected by the SMA200. This level now is a support and it will be bullish if it holds.

In the news

Tesla delivered 310,048 electric vehicles in the first quarter of 2022.

Meta’s A.I. exodus: Top talent quits as the lab tries to keep pace with rivals.

Bitcoin (+3%) and Ethereum (+9.9%) continued to lead the market north, but they were by no means the growth leaders this week. Instead, Solana (+32%) and Terra (+23%) were the biggest movers this week.

N.Y. Fed’s Williams says could begin trimming the balance sheet as soon as May.

Sectors

• Best yesterday sector:Real Estate, then Basic Materials. Worst sector: Industrials.
• Best weekly sector:Utilities, then Real Estate. Worst sector: Financial.
• Best monthly sector:Utilities, then Energy. Worst sector: Industrials.

Sentiment

• NAAIM (weekly, neutral between 70 and 90): 79.72
• VIX (neutral under 20): 19.63
• Equity Put / Call Ratio (neutral between 0.7 and 1): 1.02
• CNN Fear & Greed: 49 (Neutral)

Breadth

• Stocks above SMA40 (neutral between 30 and 80): 58.05%
• Stocks above SMA200 (neutral above 30): 38.68%
• Number of stocks that increased yesterday by more than 4%: 231
• Number of stocks that decreased yesterday by more than 4%: 94

Earnings Reports

Noteworthy earnings reports for today:

What to trade today

Based on the very good close on Fraidy, it is possible that the market resumes the uptrend. Many stocks show small but constructive bases for uptrend continuation.

Affirm ($AFRM) is tightening more and more. ATR and volumes are low. If the price is above the black line, it may work. Stop Loss at EMA21.

Palo Alto Networks ($PANW) is one of the leaders in today’s market and it is consolidating at the highs. ATR is declining, volumes are low. It might be bought at the black line with Stop Loss at Friday’s low.

Mercadolibre ($MELI) still not triggered during last week, but continues to form a solid pattern. It might be bought above the black line with Stop Loss 5%.

The same for SolarEdge ($SEDG). It is still in the game as it stays between its short-term resistance and EMA21. If the price is going above the black line, it can be bought with Stop Loss at EMA21.

Freeport McMoran ($FCX) tries new highs. If the breakout takes place, it can be bought. Stop Loss at 5%.

Shopify ($SHOP) has a beautiful tight pattern while the price, EMA21 and SMA50 are very close. ATR is declining while volumes are low. It can be bought above the black line and Stop Loss at EMA21.

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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