The intraday swing high/low of the market happened during Fed Chair Powell’s speech even with nothing surprising said. The perceived price action is that market bullish momentum resumes as major indexes bounces off their 10-MA.
1. KWEB bounces off rising 50-MA to remain in my leadership group.
2. XBI, IBB names remains resilient and continues to build at group level.
3. New groups setting up its 2nd rally leg, JETS, IYG, FDRV & ROBO.
Plenty of names are supported on rising 50-MA, but focus shall always remain on leading names that are building above 10-MA. Only settle for the strongest setup to stack the odds in your favor.
Thanks for reading.
PS: If you enjoy the above curated article, you may follow me on twitter (@jeffsuntrading) to get daily market diary, trading ideas and market updates.
8/2/2023 Market Diary & Playbook
-Price action indicates resumption of momentum. Indexes bounces off 10-MA though nothing new said by Fed Chair
-More new grps setting up rally leg $JETS $IYG $FDRV $ROBO
-Only settle for the strongest setups (>10MA) to stack odds in your favor pic.twitter.com/KMX5Xwyi56
— Jeff Sun, CFTe (@jeffsuntrading) February 8, 2023
