Gamestop GME Craze Again? - NVDA Setup
Hi everyone,
I hope you are having a great Monday!
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 ↓
Market Action
QQQ - Inside day above the pivot
IWO weak acting but also inside
Trends ( Based on QQQ)
Shortest - 10 Day EMA - Up - Above Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Sectors % Change from the Open in Deepvue
Social Media/Heavy Short theme emerged in force today with GME.
Semis/AI, Fast Food, Miners, China other themes of note. EV stocks perking up RIVN NIO
Key Stocks in Deepvue
Current Universe list:
AA AAPL AMC AMZN ANF APP ASPN BPMC CCJ CEG CAVA CLSK CMG COIN ARM CPNG CRS CRWD CVNA DUOL FRPT GCT GE GME GOOG GOOGL HIMS HOOD HWM IOT KD LIVN LPX LRN MARA META MOD MSFT MU NFLX NTNX NVDA OSCR PAAS PI ALAB RDDT PLTR PRCT QCOM SCCO SG SMTC STRL TDW TEVA TMDX TNDM TOST TSLA TWST TXRH VRT VST WING ZETA
GME highest volume since the 2021 climax more. Driven by roaring kitty tweets today. This is a type of theme that has potential but is highly volatile. Know your area of competence and size accordingly if participating.
RDDT in the same theme. gap today and then tight action throughout.
NVDA upside reversal as it forms this handle
ARM pop above the range
TWST strong breakout. love how it held the hvc a few days ago.
SG tight day 2
AA great breakout from a tight area. strong growth estimates
TMDX tight action after the breakout to new highs
TOST tight action
HIMS strong upside reversal. it is forming a range after volatile action since earnings
Market Thoughts
Market is in an upcycle for now above the 21 ema. See if NVDA can push out and chips can progress. GME and related themes could be just starting.
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard