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The Market Direction Model (MDM) remains on a BUY signal.
Big-stock NASDAQ names reported this past week, but as Facebook (FB) has declined and Tesla (TSLA) persists in its ascendancy, TSLA has now replaced FB in the S&P Five, consisting of the five-largest weighted stocks on the S&P 500. TSLA, along with Apple (AAPL), Amazon (AMZN), Alphabet (GOOG), and Microsoft (MSFT) now make up a fourth of the S&P 500 Index by weighting. If we add three other big-stock NASDAQ names, Netflix (NFLX) and Nvidia (NVDA), along with FB, to the mix, we have a list of eight stocks that comprise over 50% of the NASDAQ 100 Index by weighting.
While GOOG (still within buying range of its Wednesday breakout), MSFT, NFLX, NVDA, and TSLA power higher, we note some potentially actionable set-ups in AAPL, AMZN, and FB as they pop up off of recent lows. AAPL broke below its 50-day moving average on Friday morning before recovering to shakeout at the line and trigger a moving average undercut & rally (MAU&R) move where the 50-day line then serves as a selling guide.
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Amazon (AMZN) gapped down Friday morning after reporting earnings on Thursday afternoon and busted its 200-day moving average early in the day before turning back to the upside. It then rallied back above the 200-day line for an MAU&R long entry where the line now serves as a selling guide. AMZN ended the day seven cents above its 50-day moving average.
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Facebook (FB) broke below its 200-day moving average on Tuesday after reporting earnings on Monday after the close, but it too has recovered on an MAU&R move back above its 200-day line where the line now becomes a selling guide. These are interesting recoveries in three big-stock NASDAQ leaders and if AAPL, AMZN, and FB can build upon the current MAU&R long entry signals they could add fuel to the current market index rally.![](/uploads/reports/2021/6649/c620285_1635608235848.jpg)
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Bitcoin ($BTCUSD) remains near its recent highs after backing down from a double-top breakout position two weeks ago. So far, $BTCUSD has been able to hold near-term support at the 20-day exponential moving average.
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Crypto-related stocks tends to mimic the action of Bitcoin ($BTCUSD) such as Coinbase Global (COIN) which has rallied up the right side of a large bowl-like structure as it approaches its prior IPO highs. On a closing basis, COIN is in fact sitting right along those prior highs and, like $BTCUSD may take some time to consolidate the sharp gains since we reported on the stock in a Pocket Pivot Report dated October 6th. For now, the 10-day moving average has served as near-term support although we would not be surprised to see a test of the 20-day exponential moving average (green) as it quickly rises.
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In early October we reported on developing pocket pivot action in Lithium Americas (LAC) as it began a 45% move higher from that point. The stock continues to move higher and is expected to report earnings this Thursday, November 4th, before the open.
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Other lithium names have begun to show strength on pocket pivot breakouts, including Livent Corp. (LTHM) which is expected to report earnings on Thursday after the close.
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Albemarle (ALB), the second-largest producer of lithium in the world, has also broken out in a big-volume pocket pivot move. It is expected to report earnings on Wednesday, November 3, after the close with a conference call scheduled for Thursday morning. Shortages of various kinds, from aluminum to coal and copper to uranium have driven price moves in a variety of stocks seen as beneficiaries of such shortages. Lithium is another one to add to this category as a primary component in electric-vehicle batteries. The "wolf pack" move we are seeing in these stocks ahead of earnings reports this week is interesting, and we look forward to seeing what actionable set-ups, if any, might transpire once earnings are out.
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Some interesting post-earnings action: Repligen (RGEN) posted a pocket pivot at the 50-day moving average on Friday after the company reported earnings the night before. Thursday's volume bar might be inflated by after-hours trade once RGEN reported earnings. If not then RGEN will have posted two pocket pivots in a row at the 50-day line, where the 50-day line serves as a selling guide.
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