Watchlist 03/10
Market reaches the 200 moving average
Market
SPY 0.00%↑ was down for the 3rd week in a row. It briefly lost the 200MA on Friday but closed with a small reversal to end positive on the day. However, the QQQ 0.00%↑ closed below the 200MA which is an important indicator for many market participants. Continued weakness under this area would open the door to further bearish scenarios. On the other hand, many stocks have suffered large selloffs already so there could be a tradeable bounce soon. Some market names for the bounce could include NVDA 0.00%↑ as well as TSLA 0.00%↑ PLTR 0.00%↑
TSLA 0.00%↑ filled election gap, has nearly been cut in half from the peak of 480s to 250 this week
PLTR 0.00%↑ trading in a $10pt range holding $80. If market bounces, could look to trade into top of range and maybe higher. If market goes lower, $80 is the key level to break
Crypto
All the good news anticipated in BTC has now been released, with strategic reserve details announced last week. Last weekends rally was sold off as well as the crypto summit on Friday. Every reaction has so far been negative and BTC is now also challenging the 200 MA. Most other altocins SOL ETH XRP etc are considerably weaker. In general, crypto remains in a downtrend until proven otherwise
MSTR 0.00%↑ rallied the most last week on BTC bounce, due to Saylor attending the crypto summit. As BTC continues its downtrend this could also fade back down
Relative Strength
If the market bounces these are some stocks showing relative strength which could be good choices to long
China
China has clearly been strong ever since the start of the year despite the sellof in US equities.
BABA 0.00%↑ consolidating at highs
BILI 0.00%↑ nearing top of base
ZK 0.00%↑ recent IPO, China EV company
Quantum
QBTS 0.00%↑ reports earnings on Thursday. Can see clear false breakout over $7 a couple weeks ago and now trading below recent support around $5. Next support around $4
RGTI 0.00%↑ bouncing a little after reporting earnings last week. Possible areas of resistance the rally will stall into would be $10 and $12
