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.
Be sure to leave a like on this article and subscribe so you don’t miss any future ones!
Now let’s dive in ↓
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)
This post was brought to you by Deepvue Charts. My Daily Driver for Charting, Alerts, Watchlist Management, and more!
I hope you found this article helpful!
Here is what you can do to help make them possible and support my work.
Leave a like on this post below
Cheers!
Richard
P.S. We just released a new free resource: The Ultimate Screening Guide
This will help you find top stocks faster and speed up your routines.
PLTR update?