Stock Market Technical Analysis Alphatrends Anchored VWAP April 14 2023
00:01 Market Analysis
Section Overview: In this section, Brian Shannon provides an analysis of the market for the week ending April 14th.
Stock Market Technical Analysis Alphatrends Anchored VWAP April 14 2023
00:01 Market Analysis
Section Overview: In this section, Brian Shannon provides an analysis of the market for the week ending April 14th.
S&P 500 Breakout
The S&P 500 broke out of a range that it had been in for the past couple of weeks and held above its rising five-day moving average. 00:17
The market is looking to ignore all the bad news out there and continue to move higher. 00:36
Potential Scenarios for S&P 500
If the market breaks beyond the current range, it could be considered a new stage two uptrend. However, it may not be actionable due to a recent rally from 380 to 420.00:53
A potential scenario is a pullback towards $400 in the coming weeks, followed by a test of that level with support from rising moving averages.01:11
NASDAQ Digesting Rally
The NASDAQ experienced some profit-taking but is still looking better than the S&P 500 on a weekly timeframe. It’s digesting through time rather than experiencing sharp price pullbacks.02:23
This week’s low will be an important level for the market to hold over the next couple of weeks.03:01
03:55 Opportunities in Individual Stocks
Section Overview: In this section, Brian Shannon discusses opportunities in individual stocks.
Ciena (CIEN)
CIEN saw another pullback but is still holding its month-to-date VWAP and battling with anchored VWAP from all-time high on weekly timeframe.
If it can convincingly get above that level within next week or so, then there could be a brand new stage two uptrend as there are rising moving averages and average short seller since COVID.04:12
Other Opportunities
There are still many stocks setting up, and there are opportunities out there.03:35
Gave a nice entry in here today.03:55
Russell 2000
The market has had trouble with the 178-179 level.
It has a rising 20-day moving average but a declining 50-day moving average.
The anchored volume-weighted average price from the high this year is near that year-to-date anchored VWAP.
Potential upside before encountering supply is limited.
05:06
Semiconductors
They are still digesting their gains and may need further consolidation through time.
If they break below and hold below 249, there could be a deeper sell-off that brings it down to the year-to-date anchored VWAP at about 242.
Keep an eye on them because if they fail in here, it will drag NASDAQ lower.
05:25
Biotechs
They had some strength but gave it back today.
They are still in a primary downtrend with no significant opportunities yet.
06:17
Financial Stocks
Getting a better bounce than expected but not significant enough yet.
Be careful with those financials as they might turn into something later this year.
06:52
07:25 Technical Analysis of Bitcoin and Oil
Section Overview: In this section, the speaker discusses the technical analysis of Bitcoin and oil.
Bitcoin
Made it past that anchored VWAP from all-time high and making a run perhaps to the anchored VWAP from the low of 2021.
Pullbacks would be controlled by that level so expect potential support around $26,500 if there’s a quick flush down.
The next levels of interest are around $33,000 to $35,000.
07:44
Oil
Heading up to the anchored VWAP from the high it made last year.
Prior support and resistance in this area might slow down the rally near 84.5 to 85.
08:21
09:16 Stock Analysis
Section Overview: Potential stock investments and provides insights on their performance.
Potential Upside for Any Energy Stock
The speaker suggests that any energy stock is worth keeping an eye on for potential upside.
The stock is currently fighting with the anchored VWAP from a previous high after an earnings report.
The range of the stock is tightening up nicely.
Shorting DOCU Stock
The speaker mentions that DOCU stock was shorted today and may continue to decrease in value.
A stop has to go somewhere around 56 and a quarter.
Daily Stock Analysis
The speaker mentions that analyzing stocks like these is what they do every day for subscribers to alphatrends.net.
They encourage viewers to sign up for a two-week trial if interested.
09:55 Conclusion
