Daily Market Analysis: More Constructive Action from Market Leaders
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
The QQQ continued it’s constructive action, it’s right at the declining 21 ema.
The IWO had a weaker day, fading and closing low in the range
Volume
Volume was lower on the NYSE and Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - UP - Above Rising
Short-term - 21 ema - Down - Below Declining
Intermediate term - 50 sma - Down- Below Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Decent action today again. Miners and oilers acting well. Many growth stocks faded the gap but most closed decently well.
Here’s a Daily Group Performance chart from TraderLion Private Access:
Key Stocks in Deepvue
NVDA great close after pulling back to the 21ema
CVNA nice pop above the range
TSLA, okay close after the fade
UPWK decent close after pulling back into the 21
Market Thoughts
We handled the fade pretty well. Oil and gas were the best stocks today which Is meh for growth stocks but most leaders are still acting well.
Remain open to any scenario and continue to do your homework. Manage risk always and take it day by day.
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard