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Broad Market Outlook
After the two week run into recent resistance the range market continues to show its hand broadly speaking as the market trades in a 12% 50 point range between 410 and 460.
Broadly speaking we want to buy up off support (420ish area) and be looking to sell up here in the 460ish area. Yet in the moment the opposite often feels right.
This past week there were a lot of great call outs that worked beautifully even given the markets minor pull back off resistance. Even with the broad market pulling back overall, there are still plenty of strong sectors to focus on and some obvious ones to avoid. That we will go over from strongest to weakest.
Utilities continues to hit new ATH's which can be a good clue to proceed with caution as this is a flight to safety sector.
The Energy sector is flagging high and tight near 52 week highs where the path of least resistance seems higher until this uptrend breaks.
Consumer Staples just retested its prior all time high and we know what to do when that happens (take profits, raise stops).
Healthcare is right behind the Staples as they are a few points away as well from that retest/profit taking area.
A few sectors that are still setting up, we have Materials that have successfully retested its all time highs for a 3rd time last week and eventually we will look to buy up through those highs in time but for now patience seems to be the move.
REITs are doing a great job consolidating as it seems that they too, like the sectors above would like to work its way towards its prior all time highs.
The few sectors we want to avoid right now are telecom, bio techs and industrial's that are all in clear breakdown stages.
For the week ahead I have orders in ESS (REIT), EQR (REIT), IT, OKE (Energy), TSCO and SEE.
Separate from trading with the tax deadline less then a week away if you need help filing an extension if you are not prepared to file, please let me know we will be pretty focused on taxes for the next few weeks and letting the buy stops do there thing in the mean time.
From Bennett
SPY
Dow Jones
Nasdaq
Mid Caps
Small Caps
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Handbook Updates
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Sector Rotation
Sensitive - sectors that have moderate correlations to overall market conditions.
Tech
Energy
Industrial
Telecom
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"Don’t tell me what you think, just tell me what’s in your portfolio"
We started a separate group for Alpha members with a focus on long term investing and increasing weekly savings. If you would like to join this group, all that is required is you have an M1 account. You can send me a screenshot of the account to be added. If you need help setting the account up set a time below and we can get you started with as little as $100 in under 15 minutes!
PS before you open an account at TD, reply to this email with: Your full name and email to get a $50 bonus
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Cyclical - sectors that are more sensitive overall market conditions.
Materials
Consumer Discretionary
Financials
REIT
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Tax Experts
The tax deadline is a week away, if you are not ready to file, let us help you file an extension, email Tax@TradingExperts.org saying "extension" for more help!
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Defensive - sectors that tend to outperforming during sub par market conditions.
Consumer Staples
Healthcare
Bio Tech
Utilities
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Monday Group Calls
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Big Picture Set Up
EQR
REIT's continue to look good overall while EQR looks even better flagging near 52 week highs.
IT
This IT has been basing out for most of 2022 and it may be giving up a entry to sneak in if it wants to break out of this base.
OKE
Energy names are still in play with this OKE flagging near 52 week highs on tight risk.
SEE
SEE has been flagging for some time now under this $70 Blue Sky Breakout level as it continues to show us that $65 seems to be the out for now.
TSCO
TSCO is setting up for a Blue Sky Breakout, would not be the most thrilled if it went Monday morning but a great level and tight risk.
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Traveling Experts
We have a few exciting experiences planned for the year ahead. We hope you find a trip that sparks your interest to come enjoy and network with other like minded members!
Dates:
2nd Annual Blue Ridge Rally April 22nd to 24th
We have a big announcement for the upcoming rally!
Shake will be joining us this year in his high end RV that does 0-60 in 14 seconds flat.
We have 2 open spots for members who would like to attend.
This trip starts in New Jersey, if you are local and want to join in on the fun, shoot me a message on GroupMe to learn more!
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