Market Wedging Higher into FOMC?

Hi everyone,

I hope you are having a great Monday!

In this post I’ll concisely share my thoughts on today’s action.

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Now let’s dive in ↓

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Market Action

The QQQ gapped up faded, but then ultimately closed decently. Day 3 of the rally attempt. We remain in a downtrend below the MAs

The IWO no real change here. Needs some oomph to get back above the MAs.

Volume

Volume was lower on the NYSE and higher 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

Mixed action from my watchlists, some up, some down. Semis continue to get hit.

Here’s a Daily Group Performance chart from TraderLion:

Key Stocks in Deepvue

CRWD forming a range above the previous pivot

AMZN strong follow through. Will need to consolidate SUFB move

META some fade but at the key 50 day

MSTR, the bitcoin theme is alive. Ideally this tightens

RRC one to watch if energy stocks move

CEG as well

Market Thoughts

Still not seeing much in the ways of setups. We will see how things act into and after FOMC.

Keep those lists fresh, things can shape up very quickly. But stay nimble and have patience.

What are your thoughts on today’s action? (Leave a comment below)

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Richard


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