Mega Caps Break Out - Bitcoin ETF Announced?
Hi everyone,
I hope you are having a great Wednesday!
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 ↓
Market Action
The QQQ is now up 4 days in a row
The IWO is weaker, mostly moving sideways
Volume
Volume was lower on the NYSE and on the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Up - Above Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Mega caps showing great strength. Crypto upside reversals
Key Stocks in Deepvue
NVDA more follow through. Expansion.
MSFT triggering weekly pivots. Notice how rmv went to 0 as it tested the 50 day
AMZN 4 days up in a row
CRWD 4 days up strongly
MARA RMV to 0
COIN upside reversal and subtle undercut
DRCT nice move through the pivot. Volume not huge
Market Thoughts
Mega caps take the lead, noticing the divergence between QQQ and IWO. A few strong days up in a row now. Crypto etf news event likely soon. Will it push them higher or be a sell the news moment. Price action will tell
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.
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
P.S. We just released a new free resource: The Ultimate Screening Guide
This will help you find top stocks faster and speed up your routines.
I love these updates. They also help me understand the DeepVue capabilities. I’m pretty sure Mark Minerva buys on volatility contraction break outs. So I’ll be learning how to screen for this. Thank you!
Great stuff as usual