And......... We continue lower

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 had a short term negative expectation breaker, and continued with the prevailing trend downwards. We are below all moving averages.

The IWO had an initial rally but then sold off. Below all MAs

Volume

Volume was higher on both the NYSE and Nasdaq.

Trends ( Based on QQQ)

Shortest - 5 Day SMA - Down - Below Declining

Short-term - 21 ema - Down - Below Declining

Intermediate term - 50 sma - Down- Below Declining

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Energy Biotech and Oilers were the strongest.many weak groups today.

Here’s a Daily Group Performance chart from TraderLion:

Key Stocks in Deepvue

TSLA fade off highs but no real harm done

NVDA holding yesterday’s lows but still weak

CRWD nice oops reversal

VRT Broke lower

ANF still acting well

ESTC downside reversal

Market Thoughts

Still more of the same. Most growth stocks out there look weak but it’s a tell if they fail to break down further.

Keep running your screens and watching for a clear shift from the downcycle to an upcycle.

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

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Richard