Another Upside Reversal Day
Continued small cap weakness
Hi everyone,
I hope you are having a great Tuesday!
In this post I’ll concisely share my thoughts on today’s action and highlight key stocks.
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Now let’s dive in ↓
Market Action
The QQQ fell hard before rallying starting around 1pm. Decent close and back above a short term level.
The IWO is still weaker, and closed below the 200 day
Volume
Volume was higher on the NYSE and lower on the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Down - Below Declining
Short-term - 21 ema - Down - Below Declining
Intermediate term - 50 sma - Mixed- Below Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Growth stocks were a mixed back, several continued lower although a few closed decently well. Sort by DCRs and % change to look for themes
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
NVDA still in a downtrend and held yesterday’s lows. inside day.
TSLA Held the gap low with a strong close
DUOL inside day, close right at the pivot
ABNB rally after pulling into the area of confluence
UBER positive outside day
APP not a good bar, may retest the HVC or 50 day
Market Thoughts
I can repeat what I said yesterday: Decent action off lows but there is still signs of weakness out there. We’ll see how the upside reversals today resolve into the end of the week.
Ranges are still wide. Continue to manage risk and take it day by day.
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard
What’s a DCR?
Richard, Thanks for your daily updates!