Another Strong Close as the Market Shakes off the News
It’s not the news but the reaction to the news that’s important.
Hi everyone,
I hope you are having a great Monday!
In this post I’ll concisely share my thoughts on today’s action.
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Now let’s dive in ↓
Market Action
The QQQ rallied after the gap down and ultimately closed well. We remain above a rising 21ema. Good to see some follow through off Friday’s bar.
We could have easily sold off based on the geopolitical news events, that we didnt is a positive expectation breaker.
Daily Chart:
The IWO had a similar day, holding the range highs and closing well.
Volume
Volume was lower on the NYSE and the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Up - Above Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Down- Below Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
My watchlists acted well off the open. Defense/cyber related names stood out
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
TSLA tightening
NVDA also inside day
PLTR powerful off the open
CRWD Follow through, Want to see it consolidate tightly and reconfirm now.
META nice action, following through
VRT inside day and near highs
DUOL powerful move, I’m liking the volume pattern
ACMR tight day
SMCI upside reversal and tightening
Market Thoughts
Nice to see follow through and another shake off of bad news and strong close. We are up 2 days in a row. Would like to see some constructive consolidation and then reconfirmations up.
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