Insert "HOLD" Gif Here. The Market Follows Through Up
Hi everyone,
I hope you are having a great Wednesday!
In this post I’ll concisely share my thoughts on the day’s action. And share a bunch of stock charts that caught my eye.
Before we dive in, I do want to mention that we have a Valentine’s Day Sale for TraderLion Masterclasses where you can get $200 Off.
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Now let’s dive in ↓
Market Action
The QQQ followed through up and closed well. Still a slight gap above to be aware off but good response
IWO similar, good close
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Mixed - Below Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Strong response especially from stocks that held up well yesterday.
Daily Performance charts from the open:
Key Stocks in Deepvue
PLTR still forming a range. good action
NVDA still trending.
SMCI gap and go
MARA gap. I noted the strength in crypto names yesterday. COIN also strong
NET can it U turn?
FOUR inside day
CFLT follow through
APP set to gap tomorrow. 40% EPS surprise
META good action. Post gap setup
Market Thoughts
We’ve responded really well since yesterday’s gap down. Still however many names and leaders are extended from their last bases. Pick and choose your spots and manage risk tightly and logically.
Reminder:
Risk Management is Paramount
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. Look for a tight and logical entry point.
Have patience, focus on the best stocks with the greatest potential. These will telegraph the rest of the market.
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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Cheers!
Richard
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really liking the Dashboard Beta! That ETF list you have looks nice. any chance you could share it?