Market New Highs. AVGO, SMCI Soar
Hi everyone,
I hope you are having a great Thursday!
In this article 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 - New Highs, trending. Keep it simple. We are now 7% above the 50 sma so a bit short term extended.
Price > Breadth and opinions on what the market should be doing
IWO weaker. Upside reversal at the 21ema
Trends ( Based on QQQ)
Shortest - 10 Day EMA - Up - Above Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Sectors % Change from Open
Most themes down from the open
Key Stocks in Deepvue
NVDA holding above the 10 ema.
SMCI move off the base lows
AVGO earnings gap
HIMS powerful trend
CEG tight against the 21
CYBR forming a spot up the right side of the base. CRWD is the leader
NFLX strong reversal
BPMC inside day
DECK upside reversal
Market Thoughts
We remain in a strong trend. See if we start to chop and let the MAs catch up.
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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