Gap Down but a Strong Close | Daily Market Update
Hi everyone,
I hope you are having a great Tuesday!
In this post I’ll concisely share my thoughts on today’s action.
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Now let’s dive in ↓
Market Action
Nice action after the gap down open as the QQQ put in a strong bar off the MAs. Many individual stocks acted well too.
We remain above the 50 sma and 21 ema
The IWO was stronger, but again ran into the 21ema and closed off highs.
Volume
Volume was slightly higher on the NYSE and on the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Down - Below Flat
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Mixed - Above Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
After the gap down, many names on my focus list acted well and rallied.
My focus is still on software, semis and cyber
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
CRWD Continues to form this mini flag/range
PLTR nice action, woudl like to see it tighten before trying the consolidation pivot
TSLA off the 50 sma. EPS soon
NVDA Negative action but an okay close
FN Still pulling back
NTNX nice bar
PANW forming a range above the pivot. ZS CYBR also nice action
NVO two tight days, still a bit stretched from the 21
VRT outside day off the 21 ema
SNPS tightening
Market Thoughts
Nice quality action off the lows today. A bunch of stocks seems to be setting up again. We’ll see how we close out the week but this is promising action.
Remember that Earnings season is here which can add further volatility
Take it day by day and manage risk along the way.
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard
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