The Market Falls Again - Daily Stock Market Update
Monday August 2022
Hi everyone,
Let’s dive right into today’s action. We’ll cover the general market, and then individual stocks that stood out today.
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The General Market
Today the major indexes continued with their short-term downward trend.
The QQQ dropped 2.6% and closed low in the range after gapping down.
The SPY was similar down 2%
The IWM was also down 2%
We also saw the VIX spike above its 21ema
Trends
Short term trend: Down (Below the 5 sma)
Intermediate term trend: Mixed (Below the 21 ema above a rising 50 sma)
Long term trend: Down (Below the 200 sma)
With 2 strong down days in a row we may be a bit short-term extended to the downside. We have also fallen back into potential support areas on the major indexes.
Stocks
Here are a few stocks that held up very well today.
TMDX
CELH
OXY
EQT
AMR
GLNG
PRVA
NBIX
SWAV
CF
Overall thoughts.
The indexes took another big hit today but they are now back to potential support. Many individual stocks acted much better and we saw some decoupling.
Upside reversal action from the indexes over the next few days and signs of support would be ideal. A few days sideways would form some nice charts from the stocks holding up.
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Have a great week!
Richard
Thanks for sharing Richard!! This is great to hear what you’re seeing during the week as the action is happening, rather than waiting for the next weekend. If this is going to become a regular thing and you’re looking for suggestions, another thing that would be really cool is if you shared some of your positions and the place you sold for profits or were stopped out. I think we could learn a lot from seeing what you’re doing.
Very nice documented review Richard. Paying particular attention to OXY would love to see some vacuum action to institutional demand from Frydays explosive move , those residual orders that didn’t get fully filled “might” get some action . Salivating . Time will tell