After last week’s lethargy at SPY 280 it’s great to see the slow rise up into new multi month highs. First line in sand now is 280, and second more longer term support at 274. Good looking chart with a lot of support underneath and lot of potential clean air above.
We’re long NVDA, NFLX, ROKU and are looking to get more names on after last week’s basing — this is very common in bull markets: run, base, run, base. Don’t ever hate on the basing — it’s what creates new set-ups. Here are a few we found in our MarketSmith scans for your enjoyment/watch-list.
Great hold on ADSK on the 50sma and now going back to highs for a breakout. Add to watch-list for 170 breakout.
ALXN #28 on IBD 50 and in the Near Pivot scans — looking great here for base breakout.
WDAY great hold on 50sma and now needs to base a bit more for the big 200 breakout.
Keep it simple — long bias as long as SPY 280 holds. Don’t chase the breakouts — wait for the bases and then get in on a good risk/reward on the move away from the base. See you on the streams. HCPG