CELH OXY Breakout - Stock Market Daily Update
Hi everyone,
Let’s dive right into Tuesday’s action. We’ll cover the general market, and then individual stocks that stood out today.
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The General Market
The indexes mostly went sideways today, although we continued to see some constructive action from individual stocks.
The QQQ was down 0.08% and closed near its lows after trying to push up into a declining 21ema. There continues to be more new net lows on the Nasdaq.
The SPY acted very similarly down .24%. This index is right back into former trading ranges from early June and August. There were new net lows on the NYSE.
The IWM was slightly up .16% although it had a poor closing range.
The VIX remains above the 21ema which is now rising and it is below a declining 50 sma.
Trends
Short term: Down
Intermediate Term: Mixed
Long term: Down
Stocks
Despite the poor action from the index there were a few stocks that acted quite well.
CELH broke out on above-average volume, following through from the bullish outside day.
On a 65-minute chart you can see several potential low risk areas before the breakout through recent highs
TMDX also acted well following through. A bit ST extended from the 21 ema.
OXY had nice inside day and up action
ARRY upside reversal action ina flag after filling the gap.
ENPH holding the range lows and 21ema
SWAV setting up a 300 pivot
RYTM setting up a potential swing trade entry
TH holding well
Overall thoughts
Today was another instance of the indexes holding but the leaders acting well. Be ready for whatever happens next! Don’t chase a stock that’s extended. Wait for a proper low-risk entry.
What do you think of today’s action? Let me know below.
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Have a great week!
Richard
Do you see sector rotation to oil & gas stocks becoming new leaders?