Hi everyone,
I hope you are having a great Monday!
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 - sold off after the gap down but good close, another upside reversal at the 21ema
IWO bit weaker of a close
Trends ( Based on QQQ)
Shortest - 10 Day EMA - Down - Below declining
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
Strength in biotech
Key Stocks in Deepvue
NVDA holding above the 10 ema, strong close, ideally continues to tread water
CRUS still tight after ATH break
BROS inside day
PI range at the 21
COHR new ceo and strong breakout
NVAX strong breakout from the tight area.
NVCR strong move post gap up
RDDT forming a range at the 21ema
MSTR cup and handle bitcoin theme
Market Thoughts
Monday morning gap up then selloff then recovery.
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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