Negative Action. The Inside Bar Resolves Down

Hi everyone,

I hope you are having a great Tuesday!

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 resolved the inside bar to the downside and followed through. The gap area continues to be resistance. We remain below a declining 21ema

The IWO put in another negative bar. That is now 3 heavy down bars in a row

Volume

Volume was slightly lower on the NYSE and higher on the Nasdaq.

Trends ( Based on QQQ)

Shortest - 5 Day SMA - Mixed - Below Rising

Short-term - 21 ema - Down - Below Declining

Intermediate term - 50 sma - Down- Below Declining

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Oil and Energy rallied.

Here’s a Daily Group Performance chart from TraderLion:

Key Stocks in Deepvue

TSLA could not push through the pivot, still holding yesterdays lows

NVDA Faded at the 50 sma

DUOL lost the pivot, see if it can hold and form a range at the 21 ema

RIVN followed through down

CRWD Negative bar

Market Thoughts

Negative action across the board today. It looks like stocks need more time. Continue to monitor stocks holding up in constructive patterns

Take it day by day and manage risk along the way

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

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Richard