Continued Weakness from Tech, Semi Leaders.
Hi everyone,
I hope you are having a great Monday!
In this post I’ll concisely share my thoughts on the day’s action. And share a bunch of stock charts that caught my eye.
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Now let’s dive in ↓
Market Action
QQQ tight day just above the 21ema. We tried to rally a bit but closed midrange.
IWO - follow through down, looks like many leaders
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Down - Below Declining
Short-term - 21 ema - Mixed - Just Above Flatening
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Many growth names followed through down after some attempted rallies off the open. Oil and Gas, Miners continue to show rotation
Daily Performance charts from the open
Key Stocks in Deepvue
SMCI held the 21ema, decent close
NVDA indecisive day. Still in an uptrend for now
META needs to hold here
APP breaking lows, right at the AVWAP
FOUR acting well. Payments has been an emerging theme showing som strength. SQ nice weekly look. TOST trending
OVV oil and gas nice chart
HIMS fade but holding up alright
FANG energy name showing RS. OXY moving off the bottom. VLO near highs
Market Thoughts
Defensive names are showing strength as tech still looks weak. We will see if we can hold the 21ema or see more distribution.
Reminder:
Risk Management is Paramount
Refuse to enter randomly without managing risk and wait for the spots to develop, they will. Stocks during strong moves always pull back to the 21 ema, 50 sma multiple times. Look for a tight and logical entry point.
Have patience, focus on the best stocks with the greatest potential. These will telegraph the rest of the market.
Take it day by day and manage risk along the way. Be ready for anything
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard
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Great work Richard as always. I always read your market summary and it has been very helpful :-), Thanks, Praveen