The market continues to show breadth deterioration, but no major breakdown in indexes. A sideways moves of few wees, might result in continuation setup.
Markets have shown tendency to bounce back vigorously from pullbacks but struggled to make new high. After making marginal high they have tended to pullback. So we have settled in to a zig zag up move.
Many stocks with momentum are reflecting the same pattern seen in indexes. That means you either buy a pullback or be selective on breakout setups. There are still some good breakouts setups.
ICON is a good example of that kind of breakout setup that has worked. Stock had a high volume breakout 6 days ago. It showed up in Range expansion scan. Since then stock has had a nice up move. But ICON kind setups have been few.
While there are many earnings related breakouts happening, many of them are just one day affair with no follow through.
The momentum stock universe continues to show good consolidation in many names and around 12 to 15 stocks are setting up very well for possible breakout.
Top 50 Momentum stocks
Markets have shown tendency to bounce back vigorously from pullbacks but struggled to make new high. After making marginal high they have tended to pullback. So we have settled in to a zig zag up move.
Many stocks with momentum are reflecting the same pattern seen in indexes. That means you either buy a pullback or be selective on breakout setups. There are still some good breakouts setups.
ICON is a good example of that kind of breakout setup that has worked. Stock had a high volume breakout 6 days ago. It showed up in Range expansion scan. Since then stock has had a nice up move. But ICON kind setups have been few.
While there are many earnings related breakouts happening, many of them are just one day affair with no follow through.
The momentum stock universe continues to show good consolidation in many names and around 12 to 15 stocks are setting up very well for possible breakout.
Top 50 Momentum stocks
As a swing trader momentum stocks offer you the best choice of fast movers in the market.
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