Crypto Names Coiled Tight - Ready for a move?
Hi everyone,
I hope you are having a great Tuesday!
In this post I’ll concisely share my thoughts on today’s action. And share a bunch of stock charts that caught my eye.
Now let’s dive in ↓
Market Action
The QQQ gapped down to the 21ema but found support right from the open
The IWO was not as strong but put in an inside day
Volume
Volume was slightly higher on the NYSE and lower on the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Up - Above Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Key Stocks in Deepvue
NVDA some follow through but not the strongest close
VKTX expansion up
ANET tight day post breakout
CRWD strong
MARA tight day
HUT still tight likely a move up or down soon
DRCT very speculative name
TNK upside reversal
Market Thoughts
Stocks continue to act constructively. Crypto names seem primed. From tight areas they can go either way or shakeout and go the other way
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.
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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What does the TL Momentum calendar show? Is it A/D or some other breadth measure?