Friday Shakeout? Market Set Up For Higher

Hi everyone,

I hope you are having a great Saturday!

In this article I’ll concisely share my thoughts on the Week’s action. And share a bunch of stock charts that caught my eye.

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Now let’s dive in ↓

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Market Action

QQQ - Huge upside reversal to end the week. We’ve been choppy for about 10 days now. Watching for follow through up.

End of month institutional adjustments likely contributed to the wide range. We are below the 10ema now but remain above a rising 21ema and 50 sma

IWO is that a cup and handle I see?

Trends ( Based on QQQ)

Shortest - 10 Day EMA - Down - Below declining

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Up - Above Rising

Longterm - 200 sma - Up - Above Rising

Group/Sectors 5 Day % Change

Key Stocks in Deepvue

NVDA holding up above the 10 ema, some more rest up here would be welcome

DELL will be interesting to see how it trades from here. Gap down on EPS but good move off the 21ema

CRUS tight

DECK acting well post gap

ONON same theme

HIMS strong action after slightly undercutting the gap low

NVCR flagging into the 10ema

BROS watching for follow through up

NVAX biotech tightening post gap

Market Thoughts

Strong end to Friday and the week. We remain above the MAs

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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Richard


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