Mid-Week Routine – May 12, 2021
Reviewing Current Positions
Weakest to Strongest Positions: Current Positioning on Close is Cash.
2. Market Review
|Market Conditions||Confirmed Uptrend||Confirmed Uptrend|
What Would Webby Do (WWWD):
Date: Wednesday, May 12, 2021
Overview: Market action incredibly poor from open to close. Best position is cash and has been since yesterday’s inability to create space from TL Daily Plan Bolded Pivot. Best to be making large RS lists and tracking the action, sitting on hands until we get evidence that stacks towards the upside.
Facts: -2.67%, 10% closing range on decreasing and below average volume.
Good: In market conditions like this, relative strength becomes apparent and very easy to spot. Additionally, systems are working as we have been gradually moved out of positions before any of the market’s downside action came into full force. Our edges are apparent even if we aren’t ‘making’ money, we are ‘keeping’ money.
Bad: Close below TL Bolded Pivot $4155. This now means the indexes are in a downtrend. COMPQ/IWM/IWO all far below their 10/21DMAs. Yesterday’s rally attempt gets smacked down. COMPQ/IWO well below their 50DMAs with IWO looking like it could test its 200DMA within the next couple of sessions if weakness persists. Charts are now completely busted, even RS names shaping up are fighting against the stream and odds of success are very low. SPX on its way to testing its 50DMA if weakness persists.
Candle: Large size negative body, small upper wick with small lower tail.
Webby’s Really Simple Indicator (RSI): 0.00%
Webby RSI – Low vs 21day EMA expressed as a percent. NOT the regular RSI that everyone hears about.
3. Sector, Group, Industry Review
1 Week Leading Performance-Momentum Groups: Oilers, Energy, Miners, Nasdaq Biotech, Airlines
1 Week Lagging Performance-Momentum Groups: Home Construction, IBD50, Retail, Casinos, Consumer Discretionary
4 Week Leading Performance-Momentum Groups: Oilers, Energy, Materials, Financials, Health Care
4 Week Lagging Performance-Momentum Groups: Solar, Social Media, IBD50, Semiconductors, China Internet
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Top 20 Industry Groups From MarketSmith
Top Industry Groups: Oil&Gas, Transportation, Retail, Metals/Steel
4. Key Watchlist Review
Brackets () show levels of interest on the upside/downside. These are key data-based levels to keep track of.
Hight Tight Flag Candidates (HTF) Watchlist
Standouts: BCRX CELC RCON STKS* TYHT UNFI ZIM
Standouts: AGL AOUT* MRVI PATH* RBLX* SEMR* ZIM
Standouts: AVID** BGFV LQDT* UTHR*
5. Top 10 Report Plan
|Symbol||Baseline||Magnet||T10 Pivot||Pink Line||MoneyFlow||Thought Process|
TL Acronyms | TraderLion
6. Swing Trade Plans (STPs)
None in this choppy market.