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VoSI Focus List Review for the Week Ended February 23, 2024

A tumultuous week saw the S&P 500, Dow, and NYSE Composite Indexes all post higher highs on Thursday and Friday. The NASDAQ Composite and NASDAQ 100 put on a massive upside show on Thursday thanks to strong earnings from AI Meme leader and big-stock semiconductor Nvidia (NVDA) on Wednesday after the close but failed to post higher highs. Techs then ran into a wall of selling on Friday, however as an initially strong opening faded by the end of the day. As the NYSE-based indexes closed positively by a small margin on Friday, the NASDAQ Indexes both posted double-top type action on lighter volume as buyers could not sustain their FOMO-like antics on the day before.
Bitcoin ($BTCUSD) continues to flag tight sideways as it holds above the $50,000 level. While it has not held 10-dma support this is not really an issue given its extended state. We would watch for the rising 20-dema to offer more meaningful support, perhaps even buyable support, if and when price ever meets up with the 20-day line. For now, the trend in $BTCUSD remains up.
Crypto-related stocks that we have previously reported on and which had huge upside moves after we did so have begun to correct. Since the moves to the upside were of much greater magnitude and velocity than $BTCUSD itself, the subsequent pullbacks have also acted similarly. The best-acting among these has been CleanSpark (CLSK) as its pullback has been contained to the 10-dma while Iris Energy (IREN) and Marathon Digital Holdings (MARA) test their 20-demas. Of the three, MARA posted a VDU volume signature on Friday at -51.1% below average as it holds 20-dema support, sufficient for a VDU long entry signal using the 20-dema as a tight selling guide. CLSK held right at its 10-dma on Friday with volume declining to -33% below average.
We reported on crypto broker Coinbase Holdings (COIN) as a potential buyable gap-up (BGU) two Fridays ago after it reported earnings two Thursdays ago but the stock failed quickly as it morphed into a double-top short-sale (DTSS) entry at the 87.39 left-side peak. Frankly, given how extended the stock was at that time from the early February lows the BGU failure is not surprising. Now COIN has pulled into 10-dma support with volume drying up to -49% below average, setting up a VDU long entry at the 10-dma which is then used as a tight selling guide.
Big-stock AI Meme semiconductor/hardware names Arm Holdings (ARM), Nvidia (NVDA), and Super Micro Computer (SMCI) all remain near recent highs, relatively speaking, with ARM holding 10-dma support on Friday. Volume was above average along the steeply rising 10-dma so we do not view this as an optimal long entry point. NVDA cleared the $800 Century Mark on Friday morning but reversed to close at 788.17, triggering a Century Mark short-sale entry using the $800 level as a covering guide. While NVDA sparked a powerful move in the NASDAQ indexes on Thursday, and in techs around the globe overnight, on Friday it ran into a wall of selling as it reversed off the highs. SMCI meanwhile remains a climax top situation where it was again shortable on the approach to the $1,000 10th Century Mark on both Thursday and Friday where it was a short-sale entry using the $1,000 level as a covering guide. As we wrote in a prior report, bounces after the stock first corrects after the climax top often retrace at least half if not two-thirds of the correction before rolling over again.  
Arista Networks (ANET) is faltering as its prior smooth, coherent uptrend along the 20-dema starts to run into turbulence. Technically, the stock triggered a sell signal per the Seven-Week Rule after violating the 20-dema, which it had obeyed for the prior 15 weeks on the way up. On Friday it stalled at the 10-dma but held 20-dema support, which may give holders of the stock another chance to reduce their position. Otherwise, one could use the 50-dma as a maximum downside selling guide if not using the Seven-Week Rule. DraftKings (DKNG) was first discussed by Gil in the VoSI VooDoo Report as a long idea when it was trading along the recent lows in the 33-34 price area in the early part of January. The stock has had a strong run since then, but is now wavering along the recent highs. It closed right at the 20-dema on Friday. If it fails to hold 20-dema support at this stage then one should consider reducing positions, if not exiting outright.
The Market Direction Model (MDM) remains on a BUY signal.

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