Back in a Correction | Stock Market Outlook
Hi everyone,
I hope you are having a great Saturday!
In this post I’ll concisely share my thoughts on Friday’s and the Week’s action.
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Now let’s dive in ↓
Market Action
More Follow through down and the QQQ is now at the consolidation lows. We are below the 21 ema and 50 sma.
Multi-day streak down now and at support so odd of a short term bounce increase but very negative action that suggests further downside.
If we break support the downside can accelerate
The weeks action:
Monday: Gap up and Inside day with a good close. Positive considering previous close
Tuesday : Gap down and support off the 21 ema, constructive
Wednesday: Gap down, failed rally and close below the MAs. Reverses positive action
Thursday : Gap up failure and Follow through down
Friday: More follow through down, close near lows
The IWO is also weak, as it continues the downtrend
Volume
Volume Friday was lower on the NYSE and 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 - Down - Below Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Continued distribution signs from my watchlists.
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
CRWD follow through down and testing the 21 ema
TSLA follow through down and below the 200 sma. At potential support but negative momentum.
NVDA undercuts lows
PLTR broke bwlo the range. At AVWAP from highs
Market Thoughts
Continued risk off behavior. Multi days down in a row now. Charts need time and to heal.
What are your thoughts on the week’s action? (Leave a comment below)
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Richard
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