TRUE MARKET LEADER

06/24/2024 analysis

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NASDAQ: The nasdaq made pullbacks on Thursaday and friday which i expected because it was too extended as i mentioned on the previous newSletter ,we should expect the pullback to go even further to the 20 and 50-day moving average.

Wartchout to the stocks which will resist the decline/pullback.

Chart courtesy: marketsurge NASDAQ INDEX DAILY

Chart courtesy: marketsurge NASDAQ INDEX WEEKLY

S&P500: The S&P500 index did the same (pullbacks ) though it didn’nt touch any moving average ,the pullback was expected becaause the index was extended from the key moving averageS (10,21 and 50-day moving average)

i would also not be surprised if the pullbacks will go deeper to the 20-50 moving averages because of the current extension ,will continue to monitor the stocks which will resist the pullback or will make less pullback comparing to the general market.

Chart courtesy: marketsurge S&P500 INDEX DAILY

Chart courtesy: marketsurge S&P500 WEEKLY

$AMZN: I know no one is talking about this stock anymore but the current volume and price action activities is not something you can totally ignore especially if you understand how to interpret volume and price action.The company has positive future earnings estimate and good current sales and earnings.

will buy once it will break above the pivot point on volume

Chart courtesy: marketsurge AMZN DAILY

Chart courtesy: marketsurge AMZN WEEKLY

$ARM: The stock made a pullbacks on volume on friday but ended up to rebound at the 10-day moving average and closed on upper range of the candlestick which is the positive sign.will continue to monitor its move and i still do have a position on this.

If the negative days will persist will reduce/sell my whole position.

Chart courtesy: marketsurge ARM DAILY

Chart courtesy: marketsurge ARM WEEKLY

$ELF: Inspite of having a negative future earnings expectations the price and volume action of the stock make it to be one of the stock wchich might have big price move if the market will continue its current uptrend move.

I do have a position on this and will continue to hold untill my stoploss got hitted.

Chart courtesy: marketsurge ELF DAILY

Chart courtesy: marketsurge ELF WEEKLY

$PJT:The stock has cup-with upper handle and its currently trading at the pivot point ,it has positive future earnings estimate . the current earnings and sales are better (double digit).

Inspite of lagging Relative strength line the price and volume action of this stock is far better comparing to other many stocks.will consider to start a position on this .

Chart courtesy: marketsurge PJT DAILY

Chart courtesy: marketsurge PJT DAILY

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TML FIVE TRADING RULES

1. Buy the stock as it break above base or trendline on above average volume 

2. Sell -4% to 7% from buy point,intra-day

3. Take gains 20-30% above buying point

4. Use trailing stoploss to protect your gains

5. If you have three straight failure -4% to 7% ,stop buying and do postanalysis