A Setup Week? Stock Market Outlook

Hi everyone,

I hope you are having a great Saturday!

In this post I’ll concisely share my thoughts on the week’s action. And share a bunch of stock charts that caught my eye.

Now let’s dive in ↓

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Market Action

The QQQ went sideways this week. At it’s peak it reached a historically extended level from the 50 sma. Would like to see this continue to consolidate letting the MAs catch up

The IWO is forming a range above the 21ema. The question is if it will break to the upside or downside. Many stocks are at similar points.

Trends ( Based on QQQ)

Shortest - 5 Day SMA - Mixed - Below Rising

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Up - Above Rising

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Semis still the standout leading group.

Weekly performance:

Key Stocks in Deepvue

NVDA flat last few days but still in initial momentum move. extended a bit from the base now in short term

AMD also strong. EPS coming up

SMCI stellar week. Ending tight

NFLX Still acting well

APP tightening

MARA nice push, still below declining 21

VRNS tight action

Market Thoughts

Would like to see big caps consolidate and IWO take charge for a bit

Reminder:

Risk Management is Paramount

Refuse to enter randomly without managing risk and wait for the spots to develop, they will. Stocks during strong moves always pull back to the 21 ema, 50 sma multiple times.

Have patience, focus on the best stocks with the greatest potential. These will telegraph the rest of the market.

Take it day by day and manage risk along the way. Be ready for anything

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

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Richard


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