A New Uptrend is Confirmed

Now can it hold?

Hi everyone,

I hope you are having a great Tuesday!

In this post I’ll concisely share my thoughts on today’s action.

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Now let’s dive in ↓

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Market Action

The QQQ put in a statement day, breaking above all the moving averages and through the high of last week’s downside reversal

The IWO popped above the range and 21 em

Volume

Volume was higher on both the NYSE and Nasdaq.

Trends ( Based on QQQ) - All Turn Up

Shortest - 5 Day SMA - UP - Above Rising

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Up- Above Rising

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Almost every group was up today and growth stock groups in particular acted well.

Here’s a Daily Group Performance chart from TraderLion Private Access:

Key Stocks in Deepvue

NVDA great follow through off yesterday’s strong close and it breaks out of the base

TSLA wow what a strong bar through the range

DLO continued move

IONQ break through two tighter days near MAs

CELH break through the top of the range

Market Thoughts

Today solidified the signs we had been seeing from potential leading stocks. Many names continue to act well.

There will be a test and pullback, how stocks act on that day and how they close should provide valuable info about the true leaders.

Continue to manage risk as always!

What are your thoughts on today’s action? (Leave a comment below)

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Richard