AMD, Semiconductors Break Out
Hi everyone,
I hope you are having a great Tuesday!
In this post I’ll concisely share my thoughts on today’s action. And share a bunch of stock charts that caught my eye.
Now let’s dive in ↓
Market Action
The QQQ gapped down, rallied, sold off, then rallied some into the close. Forming a tight area near highs
The IWO is still weaker a near range lows below the 21ema
Volume
Volume was higher on the NYSE and higher on the Nasdaq.
Trends ( Based on QQQ)
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
Semis were the standout group
Key Stocks in Deepvue
AMD Expansion on the gap and go. Note how RMV went to 0 right before
NVDA reconfirmation up. Can trail stops at the 21ema
ESTC great move from the inside day
STNE move off the 21ema on volume
ODD oops reversal
UBER forming a range up here
ALTR forming a range near highs
IBP upside reversal
Market Thoughts
Great to see the semis acting well. most of my wide list was red however.
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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Cheers!
Richard
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Hey Richard! The screens you use to build your focus list are the same from the article or changed lately? Do you think Liquid leaders + DV leaders would be enough?
Thanks Richard, Glade to see STNE on your watchlist. One of the stocks I'm watching with a rising 5dma. Only a spectator right now, watching for a pullback.
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