Market Stays Flat, Stocks Move Higher

Hi everyone,

I hope you are having a great Monday!

In this post I’ll concisely share my thoughts on today’s action. And share a bunch of stock charts that caught my eye

Now let’s dive in ↓

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Market Action

The QQQ continues to move sideways holding the pivot. Close off highs today

The IWO is forming a constructive pattern and tight range

Volume

Volume was higher on the NYSE and higher on the Nasdaq thank friday’s half session

Trends ( Based on QQQ)

Shortest - 5 Day SMA - Mixed - Below flat

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Up - Above Rising

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Retail/software stocks strongest today SHOP AFRM PINS. Growths stocks in general acting well.

Here’s a Daily Group Performance chart (% From Open) from TraderLion:

Key Stocks in Deepvue

SYM great action

AFRM strong gap and go move

ROKU strong breakout from the tight range

DUOL could not push out. some wedging action here. ideally it pulls back and tightens

DASH upside reversal

ACLX upside reversal

PLTR hesitation bar at the 21ema

NVDA forming a range here near 21ema area

SKYW one of many names still forming tight areas

Market Thoughts

Some nice moves today and many setups still shaping up. Would like to see the IWO confirm up.

Remember:

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.

Have patience, focus on the best stocks with the greatest potential. There will be many opportunities

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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Richard


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