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 ↓

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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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Richard


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