Bounce off lows, will it stick? | Daily Market Update
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
Upside reversal today after a multi day decline into support. But a close off highs.
We are below a declining 21ema and 50sma
The IWO was weaker, closing negative. Still below all moving averages.
Volume
Volume was lower on the NYSE and higher 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
Bounce signs on my watchlist. We’ll see if those lows hold.
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
Top performing stocks on the Deepvue Leaders screen:
DUOL FICO META LULU RELY PDD PANW ACMR AGI AVAV EDU PLTR SFM LNW CEIX JXN CRWD ZS ADBE
DUOL powerful move but this is still volatile
CRWD upside reversal at the 21ema
TSLA big upside reversal near the 200 day.
NVDA nice move off near the base lows
PDD outside day
Market Thoughts
Today was a one day bounce. It has to prove itself by holding. Keep watching for signs of relative strength and constructive action.
Take it day by day and manage risk.
What are your thoughts on today’s action? (Leave a comment below)
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Richard
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