Back under the 50 SMA and More Distribution | Daily Market Update
Hi everyone,
I hope you are having a great Friday!
In this post I’ll concisely share my thoughts on today’s action.
Be sure to leave a like on this article and subscribe so you don’t miss any future ones!
Now let’s dive in ↓
Market Action
The QQQ pulled back hard and undercut the range that it had been building. We closed below the declining 50 day and are just above the 21 ema.
The IWO continued to fallow through down and remains below all the moving averages
Volume
Volume was lower on the NYSE and the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Mixed - Below Rising
Short-term - 21 ema - Mixed - Above Flat
Intermediate term - 50 sma - Down - Below Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Again most of the names on my focus lists were red today and pulled it hard. Most growth stocks saw distribution today.
Bio/Pharma names were the strongest
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
TSLA back to the 50 day
CRWD still holding up for now.
NVDA negative bar
PLTR broke below the range
DUOL very negative bar
LLY Downside reversal
Market Thoughts
More serious distribution came in today. Now we get to take not of stocks holding up the best. The Upcycle as defined by the 21 ema and the Qs is in danger. In my account several raised stocks were hit.
Not the end of the week we were looking for. We’ll see how this pullback get’s resolved or if we continue to see distribution mount.
Take it day by day and manage risk along the way.
What are your thoughts on today’s action? (Leave a comment below)
This post was brought to you by Deepvue Charts. My Daily Driver for Charting, Alerts, Watchlist Management, and more!
I hope you found this article helpful!
Here is what you can do to help make them possible and support my work.
Leave a like on this post below
Cheers!
Richard
P.S.
This Saturday, Rai and I will be hosting a webinar on Daily Routines and how to execute trades.
This includes how we sort intraday, build daily focus lists, identify rotation, and screen for new ideas.
You can register with this button: