News, Breakouts, Momentum Plays & Bottoms – January 6, 2023

MY JOURNAL FOR FRIDAY – JANUARY 6, 2023

NEWS, BREAKOUTS, MOMENTUM PLAYS & BOTTOMS

The Canadian Technician

Is This the Look For 2023?

Greg Schnell | January 06, 2023 at 11:52 AM

I continue to look for signs this market wants to go higher, but it refuses to show me some resilience.

In what can only be described as a barbell strategy, on one end is the safety of Utilities and Consumer Staples which may not make a lot of money, but it’s not a hole in the pocket either. In the middle are the Nasdaq names that continue to ooze lower. On the other end are the industrials and commodities that continue to work. They are trying to get going here but that hasn’t been easy either.

The QQQ chart just keeps drifting. This is the third test of this level. Can we hold?

Software is down hard this week. It opened Friday morning down 6% from Tuesday’s high.

The US Dollar, tried to reverse and go higher this week. It made new one month highs after consolidating through December. But Friday reversed that breakout as the market surged higher. While the US dollar has weakened, some areas like precious metals and industrial metals have been trying to work higher.

After the wage pressures pulled back in the jobs report, we are surging higher by 1% on the first Friday of 2023.

Copper names have started to move and I’ll have more information in the client newsletter, but the ride is wild. In five days TECK lost 10%, made new one month lows, bounced off the 50 DMA and the 200 DMA, and has now rallied to new highs in 2 days. That’s just one example of how difficult it is to hold something, especially with a stop at 8 or 10%.

For a big warm welcome to the trading of 2023, I will be doing a presentation on Tuesday about how we plan to approach the turbulent trading market of 2023 on Tuesday at 1 PM ET! You can register for the free event at this link. A Better Plan. We have two primary goals. Protect capital, ride uptrends. If you struggled in 2022 or would like some other ideas, Osprey Strategic is a very affordable service starting at $7.

With that, let’s kick off 2023 with a bang!

Welcome to Osprey Strategic

Nearly a Decade of Experience in the Financial Markets

Greg Schnell, CMT, MFTA, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and recent winner of the CSTA’s Technical Analyst of the Year. He is an active member of both the CMT Association and the International Federation of Technical Analysts.

Explore Greg Schnell Special Pricing Save $363.00! – LEARN MORE

 

BREAKOUTS, MOMENTUM PLAYS, & BOTTOMS

CMMC.TO – Copper Mountain Mining Corp.

 

DML.TO – Denison Mines Corp.

 

ENGH.TO – Enghouse Systems Ltd.

 

EXRO.TO – Exro Technologies Inc.

 

LGO.TO – Largo Resources Ltd.

 

LUN.TO – Lundin Mining Corp.

 

MOMENTUM ALERT SIGNALS

PAST ARTICLES

Articles

Send Your Profits Soaring: A Crazy View For Success

A month ago, the Nasdaq Chart was in the bottom right corner. Tech layoffs were being announced, and the CEO/CFO/CIO teams were preparing for a terrible 2023. A month later, the market looks almost silly, …

Thank you for sharing:
Read More
Market Buzz

Semiconductors Like To Lead | Greg Schnell, CMT | Market Buzz (01.18.23)

The market has had a strong start to 2023 and numerous indicators have broken out above bear market levels. Greg walks through some of those charts that he shares with clients. The PLUMB system created …

Thank you for sharing:
Read More
SetYourStop Blog

News, Breakouts, Momentum Plays & Bottoms – January 13, 2023

MY JOURNAL FOR FRIDAY – JANUARY 13, 2023 NEWS, BREAKOUTS, MOMENTUM PLAYS & BOTTOMS Trend following, risk management & long term survival w/ Jon Boorman (stock trader) EP 043: Buying stocks in uptrends, managing risk, …

Thank you for sharing:
Read More

SetYourStop Workspace

The main focus of the SetYourStop Slack workspace is the momentum scanner that was developed to trace abnormal volatility in the Canadian equity market.

Our proprietary momentum scan system searches for abnormal volatility which flags the urgency of buyers. It was designed to signal the potential of momentum coming into an underlying name or sector. The charts issued are to be used as indicators only, not a trigger to buy or sell. Disclaimer

Once a chart is received, systematic rules are to be used, implemented by the individual (SetYourStop nor ospreystrategic.org holds No Responsibility for one’s actions as the charts given on SetYourStop and ospreystrategic.org are to be used as indicators only and not a trigger to buy or sell) to define and manage risk. Stop-loss orders are an important tool to negate any false signal. The goal is to let winners run while using trailing stop-loss orders to preserve gains.

Let Us Do Your Homework (With Full Website Access):

  • Weekly GregSchnell newsletter that will feature his top ten charts of the week.
  • Weekly GregSchnell video which summarizes the major moves in the global markets.
  • Vital GregSchnell that can be quickly look through with his top 30 charts at any given time.
  • GregSchnell Monthly conference call that is recorded and saved.
  • The Daily Setup watchlist of stocks that are signaling the potential of upside momentum.
  • The daily SetYourStop blog (News, Breakouts, Momentum Plays and Bottoms).
  • The SetYourStop Workspace.
  • Much more!
THIS IS NOT A STOCK PICKING SERVICE. THE WORKSPACE HAS BECOME MORE LIKE A COFFEE SHOP OF CLOSE FRIENDS SHARING IDEAS.

Most Traders Tend to Overthink. It’s Time to Remove Noise, Remove Emotion, & Learn How to Define Your Risk. Become a Robot!

🤖

Definition: Systematic trading (also known as mechanical trading) is a way of defining trade goals, risk controls and rules that can make trading decisions in a methodical way.

Whether you’re a trend follower, swing trader or penny scalper, the SetYourStop workspace will provide you with trading ideas.

We discuss charts showing the potential of momentum as they appear on our radar with the goal of becoming the most interactive community in Canada.

Join the SetYourStop crew in the Slack workspace today.

The workspace is an exclusive interactive live community of traders ranging from beginners with small portfolios to seasoned veterans placing large bets. It’s an ongoing source of trading ideas and market dialogue mixed with education. The SetYourStop crew regularly joins the conversation to give feedback and share our trading ideas with the community.

Please read before subscribing: I’m Not Your Guru

Access the Workspace

Choose the Subscription Plan that works for you:

30 Day Trial

Only $7 USD
Subscribe for our 1-month trial today and experience the benefits of learning from an Award-Winning Technical Analyst for 30 days.

Monthly

$79 USD

Our monthly plan is just that, a no-term and no-commitment subscription with flexibility and all the benefits.

Quarterly

$239 USD

Subscribe to our quarterly plan, pay once and enjoy all the benefits our membership offers
for 90 days.

Annual

$860 USD

Save money while experiencing the full benefit of our membership for 365 days of unbeatable content.

Trading Room invite will be sent to the email attached to your account within 24hrs

Contact me at:

[email protected]

SetYourStop png green

Thank you for sharing: