WFC is on my buy list for Monday; 5 eMA crossed 14 MA on 4.17.24, MACD crossed signal line on 4.19.24 and is above the zero line, and RSI broke the 50% line on 4.16.24 and is overbought at 71 (my only concern). Price action has had higher opens since 4.16.24 on higher volume each day particularly the last two days, a buy signal. I am also looking at KDP and my only concern is that it's trading below the 200-day MA but is above the 50 and 150-day MA. Positive signs though include: higher opens and higher volume each day since 4.16.24.
The focus is on major indices, price action, and key support and resistance levels. Is that where we should be looking ? Ii it time to step back and consider things like changes in the 10 year yield, 3 and 6 month inflation rates, and the money supply for direction to trade?
Here's how I approach it. There's always a narrative to distract us around the price action. Recently that's with inflation and interest rates. But ultimately the price action is key and there were some great things happening under the hood on Friday.
I would focus on stocks showing relative strength on this pullback in the S&P 500. Especially those w/ a shallow pullback within an overall larger basing structure. Just look at WFC's breakout on Friday. Lots of names setting up in the energy and mining sector as well.
WFC is on my buy list for Monday; 5 eMA crossed 14 MA on 4.17.24, MACD crossed signal line on 4.19.24 and is above the zero line, and RSI broke the 50% line on 4.16.24 and is overbought at 71 (my only concern). Price action has had higher opens since 4.16.24 on higher volume each day particularly the last two days, a buy signal. I am also looking at KDP and my only concern is that it's trading below the 200-day MA but is above the 50 and 150-day MA. Positive signs though include: higher opens and higher volume each day since 4.16.24.
Thanks again for this reply.
The focus is on major indices, price action, and key support and resistance levels. Is that where we should be looking ? Ii it time to step back and consider things like changes in the 10 year yield, 3 and 6 month inflation rates, and the money supply for direction to trade?
Here's how I approach it. There's always a narrative to distract us around the price action. Recently that's with inflation and interest rates. But ultimately the price action is key and there were some great things happening under the hood on Friday.
I would focus on stocks showing relative strength on this pullback in the S&P 500. Especially those w/ a shallow pullback within an overall larger basing structure. Just look at WFC's breakout on Friday. Lots of names setting up in the energy and mining sector as well.