Individual Stocks Break Down | Daily Market Update

Hi everyone,

I hope you are having a great Thursday!

In this post I’ll concisely share my thoughts on today’s action.

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Now let’s dive in ↓

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Market Action

Follow through down as the QQQ Falls towards the consolidation lows. We are below the 21 ema and 50 sma

New lows on the IWO as it follows through down. Below all MAs

Volume

Volume was higher on the NYSE and on the Nasdaq.

Trends ( Based on QQQ)

Shortest - 5 Day SMA - Down - Below Declining

Short-term - 21 ema - Down - Below Declining

Intermediate term - 50 sma - Down - Below Declining

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Continued distribution signs from my watchlists. Many leaders saw significant bad bars.

Energy and Oil were the strongest groups

Here’s a Daily Group Performance chart from TraderLion:

Key Stocks in Deepvue

CRWD Gap up and then downside reversal. Likely needs a visit to the MAs

TSLA Gap down on earnings towards the 200 day and base lows.

NVDA looks vulnerable

ACMR back below the 21 ema

NTNX can it find support at the confluence of 21 ema and pivot

NVO gap down to 21 ema

DUOL big distribution bar

Market Thoughts

Continued risk off behavior. Several leaders took hard shots today. Less continues to be more.

What are your thoughts on today’s action? (Leave a comment below)

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