US Stocks Watchlist – 10 August 2023

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The Nasdaq 100 continues to have its first significant pullback since its Stage 2 advance began in late March and has now tested its 50 day MA for multiple days after an initial -5% decline since the high on the 19th July.

The Nasdaq 100 percentage of stocks of above their 20 day EMAs has dropped from 90% on the 19th July to 37% today, and during a typical correction period will often reach the lower zone (below 30%) which can be seen of the above chart during the prior corrections in late 2022 and early 2023.

I discussed in detail on Wednesdays video, multiple timeframe techniques that can be used with Stage Analysis in order to find the pullback entry point, by applying Stage Analysis on lower intraday timeframes, as a pullback on a daily chart will often present as a Stage 4 decline on the lower timeframes. So we watch for Stage 1 characteristics to develop on those lower timeframes or early Stage 2 attempts. But while its Stage 4 intraday we remain in a defensive posture, as there's very little reason to act until there's at least signs on the intraday timeframes of change of behaviour.

There were 17 stocks highlighted from the US stocks watchlist scans today

ALRM, BROS, ODD + 14 more...

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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.