Gap Up Again! QQQ approaches Highs
I hope you are having a great Tuesday!
In this post I’ll concisely share my thoughts on today’s action. And share a bunch of stock charts that caught my eye
Now let’s dive in ↓
Gap up after CPI and the QQQ continues the lock out rally.
We are now approaching 52 week highs but also getting stretched from the MAs. ideally we consolidate through time and let the 21 ema catch up
What a move from the IWO! Gap up and go through the MAs. Great to see smaller caps participating.
Volume was Higher on the NYSE and the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Up - Above Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Focus list growth names acted very well, continuing to trend
Here’s a Daily Group Performance chart (% From Open) from TraderLion:
Key Stocks in Deepvue
DDOG continuation up
TSLA gap and go
DKNG shakeout then rip to new highs
UBER still trending sharply
NVDA EPS coming up. many days up in a row
Strong day but a bit of acceleration to the up side here. Low risk entries are tough to come by now. Time to sit and be patient. Can sell some into strength to look to re-enter after consolidation.
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.
Have patience, focus on the best stocks with the greatest potential. There will be many opportunities
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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