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VoSI Focus List Review for the Week Ended July 14, 2023

Major market indexes gapped higher on Wednesday and Thursday in response to light Consumer Price Index and Producer Price Index data reported on those days, respectively. The move lost momentum by Friday, however, as the NASDAQ Composite Index reversed off an opening gap-up open on heavy and higher selling volume.
Favorable inflation data sent interest rates and the U.S. Dollar ($USD) streaking lower. $USD had already run into 50-dma resistance the prior week, well ahead of the CPI report, and broke sharply lower on Wednesday and Thursday before finding a bid on Friday.
The breakdown in the dollar set precious metals on fire, with the white metal showing much more upside thrust. Silver as represented by the Aberdeen Physical Silver Shares (SIVR) posted a bottom-fishing buyable gap-up (BFBGU) in response to Wednesday's CPI report and then gapped up again on Thursday following the PPI print. At this stage  it is well extended as the moving averages scramble to catch up to the current price levels.
The SPDR Gold Shares (GLD) also gapped higher on Wednesday but has lacked the velocity and thrust of the silver ETFs. The yellow metal ETF ran into 50-dma resistance right away on Wednesday and held there as silver gapped higher on Thursday.
We reported on a continuation pocket pivot in Bitcoin ($BTCUSD) on Thursday that also represented an attempted cup-with-handle breakout. The moved immediately failed on Friday on heavy selling volume. $BTCUSD is now attempting to hold support at the 20-dema which could be treated as a lower-risk long entry spot using the 20-day line as a selling guide but the overall lack of thrust and follow-through following Thursday's big-volume pocket pivot move is not constructive. The crypto market surged on news that Ripple (XRP) was ruled in court not to be a security. The market assumed this was a total win when in reality, this only applies when selling XRP to retail investors. XRP is considered a security when sold to institutional investors. Cryptocurrencies got ahead of themselves. Still, this ruling is considered a significant win for Ripple and the broader crypto industry, as it challenges the SEC's position on XRP. The SEC had filed a lawsuit against Ripple and its co-founders, accusing them of misleading investors by selling over $1 billion worth of unregistered tokens.  
AI meme-stock and overall market leader Nvidia (NVDA) has been on fire lately, and we reported on a five-day pocket pivot this past Thursday. For now, the rising 10-dma serves as the initial reference for moving average support if NVDA continues to pull in after Friday's bearish reversal.
On Thursday we also reported on a pocket pivot in Netflix (NFLX). The move gave  out badly on Friday as the stock reversed and closed below its 10-day moving average on heavy selling volume. This in fact triggers a later-stage failed-base type of short-sale entry just below the 10-dma using the line as a covering guide.
MongoDB (MDB) and The Trade Desk (TTD) have been discussed in recent Focus List Review reports. MDB is faltering here as it reverses back below its 10-dma on Friday. It is possible that this triggers a short-sale entry using the 10-day line as a covering guide. TTD meanwhile launched higher on Tuesday, ahead of the CPI report on Wednesday. It ran into stiff resistance on Friday as it reversed and closed near their intraday lows on very heavy volume, giving the move a bearish look.
Marvell Technology (MRVL) has also been discussed in recent Focus List Review reports and was last buyable as a moving average undercut & rally (MAU&R) move on Monday. That has led to an upside move that is now running into resistance along the left-side highs of the current seven-week base.
The Market Direction Model (MDM) switched to a BUY signal on Wednesday, July 12th.

This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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