Crypto Stocks Rocket Higher
Hi everyone,
I hope you are having a great Wednesday!
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 continued higher slightly
The IWO is up 4 days in a row
Volume
Volume was higher on the NYSE and higher 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
The crypto theme was the standout today
Group performance chart from TraderLion:
Key Stocks in Deepvue
MSTR nice continuation up from the inside day. The other names are also trending but more extended
CVNA pulling back
ELF pulling back to the pivot
FRSH pulling in on low volume
UPST inside and up still in the flag
AVGO still flagging
DDOG tight
PINS tight day
AMD continuation up
NVDA still coiling
Market Thoughts
Still seeing constructive moves from the leaders as the market trends higher. We’ll see how things act into the start of 2024.
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
P.S. We just released a new free resource: The Ultimate Screening Guide
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I really appreciate you. These updates are great! Working on buying correctly but still have old habits of buying what’s going up the most. :-). Looking forward to catching up on your webinars and getting better at screening and market timing with Deepvue.
Can't wait to see what happens when the big $$ mongers return from the Hamptons etc. HAHA!