EarningsBeats.com Digest for March 26, 2021
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Upcoming Webinar: Monday, March 29, 4:30 PM EST
"Changing of the Guard"The market continues to struggle as traders try to determine the best ways to deploy their capital. Join Tom Bowley, EarningsBeats.com's Chief Market Strategist, as he analyzes the changes in rotation among sectors and industry groups and provides his thoughts on future leadership in 2021.
This timely webinar will focus on relative strength, strong earnings, and sectors, industry groups, and individual stocks poised to benefit from an exceptionally powerful GDP.
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Reversing Candles Suggest At Least One Positive Sign
It's been a brutal several weeks for NASDAQ stocks, technology, and even small cap more recently. But at least for one day, we saw reversing candles print on many different charts on Thursday. Is the selling in these areas finally over? Well, it might be a little early to make that call, but it's definitely a start. One example on Thursday was Shake Shack (SHAK), which after steadily selling off since mid-March, printed a bullish piercing
candle:
We saw a similar set up with SHAK in early November. We saw selling down to prior price lows as the PPO reset at centerline support (blue arrows). We've done the same thing this week. A piercing candle printed just as it neared recent price support at 107-108. Technically, SHAK could see more selling if these recent price lows don't hold, so it was definitely a welcome sign to see that reversing candle print. Just like November,
SHAK must now negotiate its 20-day EMA, which is threatening a death cross below its 50-day SMA. That exact setup occurred in November, but the 20-day EMA never made that crossover. The bulls are hoping it fails to do so again.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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