The enthusiastic upward momentum in the morning triggered short-term profit-taking trades in the afternoon, creating noticeable pressure on the market. The VN Index once again climbed close to the 1300-point mark, and a defensive stance resurfaced.
The substantial amount of bottom-fishing trades that profited in the past few days, along with the trapped positions in the 1300-point region, were offloaded, putting downward pressure on most stocks, including the strongest ones. In such sessions, the range of price suppression, coupled with high or low volume, reflects the opposing force.
By the afternoon, many stocks had been pushed below the reference price. Such stocks are considered weak, at least for this session. For the rest, it’s essential to observe how much the green price region is pressured and the buying power’s ability to withstand the selling.
With the “original 1300-point” level, the three-session rebound is still regarded as a “test” of the peak again, and it’s unclear if there will be a breakthrough. Therefore, short-term profit-taking or reducing positions is a normal strategy.
Today’s highlight was the highly concentrated money flow into stocks with above-average liquidity, coupled with a significant increase in price range and a slight retreat from the peak, indicating robust and capable stocks that can absorb short-term positions well. The stocks are undergoing a strength divergence as the money flow has not spread widely yet. The blue-chip group showed better signs of attracting money flow, maintaining more stable prices than midcap and penny stocks. This makes sense, as large money flows typically opt for blue-chip stocks or those with sufficient liquidity to facilitate their operations.
The market is still in the stage of testing supply on the upside and within the old peak region. It’s important to note that the VN Index is not homogeneous with stocks, and its peak does not signify the peak for stocks. Thus, many stocks sold off today were not actually at their peaks; they were influenced by the psychological chain reaction when the VN Index approached its old peak. Therefore, in trading, it’s crucial to observe the specific price foundation of the stocks.
Maintaining a positive market outlook, stocks that have risen rapidly in the past few days may pause for a while, while those still building a foundation may present buying opportunities as their prices dip due to the overall psychological pressure. In sessions like today’s, robust stocks are evident, and a well-constructed portfolio remains unscathed.
Today’s derivatives market was challenging for profit-seeking, despite the VN30’s considerable increase. Most of this increase occurred at the opening jump, and intraday fluctuations were minimal, while the basis differed significantly. The VN30 levels above 1367.xx were not advantageous for Long positions, and the breakdown points of 1367.xx did not yield the corresponding basis.
The profit-taking episode this afternoon resulted in varying price effects. Looking solely at the VN Index, there were signs of weakness, but many stocks remained robust. Money flowed into blue-chip stocks, and large-cap stocks provided support, with VN30 outperforming the VN Index. The strategy remains to focus on buying stocks and dynamically managing Long/Short positions in derivatives.
The VN30 closed today at 1360.58. The nearest resistance levels for tomorrow are 1368, 1376, 1380, and 1388. The support levels are 1357, 1348, 1341, and 1333.
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