Market Fades - Semis Show Strength
NVDA, COIN, QQQ Charts & More
Hi everyone,
I hope you are having a great Tuesday!
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.
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Now let’s dive in ↓
Market Action
QQQ - Faded off highs and closed near flat, consolidation day
IWO Oops reversal within the downtrend
Trends ( Based on QQQ)
Shortest - 10 Day EMA - Down - Below Declining
Short-term - 21 ema - Down - Below Declining
Intermediate term - 50 sma - Mixed - Below Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Semis showed some strength along with miners.
Key Stocks in Deepvue
NVDA right at the 21ema
SMCI popping through the MAs
WING nice action below the pivot
TMDX above the recent pivot but below highs
COIN watching for a double bottom. It has not necessarily respected the 50sma in the past but good action off that level
ALAB recent ipo interesting
AGI a lot of miners have a similar look
ACMR fast mover, right below the 21ema
CPNG strong bar
Market Thoughts
individual action today seemed better than the indexes. Semis as a group look decent. Stay sharp and keep an eye on stocks developing spots/standing out
This was a list I made today after going through screens
ACMR AEM AGI ALAB AMAT AMR APP ARCB ARM ASML AVGO CAVA CCJ CLS COIN CPNG DDOG DELL GCT HOOD KLAC LRCX NET NVDA ONTO SE SG SMCI STNG TMDX UBER VLO WING
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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Thanks Richard!