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Market acting very well near highs. Massive run on SPY from the December rally to now so any digestion here is healthy and will create new set-ups. The last base gave us set-ups in current positions NVDA BABA BIDU NFLX.

Let’s take a quick look through the MarketSmith Near Pivot Scan, one of our favorite scan to look for new ideas

ADSK nice looking chart under 168. Earnings out May 22, we think it will try to move out of this cup before then.

WDAY from the hot software sector basing under 200. A bit messy at the time for our taste but good enough to add to watch-list in case it calms down and creates a base in the high 190s

GLW blast from the past breaks out at 35

MCHP IBD #50 strong chart, needs semis to set up to really take off.

SMH at major resistance here — too V-ish we believe to breakout right now successfully; needs a handle and some work. Ideally we would like a high base 110-113.

A bit of chop would be welcome right now to build horizontal work on all the above. We want what many traders often want in these times: slight pullback, a bit of chop, and then GO! Breakouts from extended areas have higher failure rates and tend to be more volatile, which in turn often stop one out before making the real move.

So next time market is boring and choppy, don’t complain. Necessary part of the cycle. See you on the streams. HCPG