NVDA And The Market Set Up for Higher
Hi everyone,
I hope you are having a great Wednesday!
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.
This report is brought to you by Deepvue - The Best Screening and Charting Platform for CANSLIM Position and Swing Traders
You can now try 2 Months of Deepvue for only $39 using the button below
Now let’s dive in ↓
Market Action
QQQ - Strong push off the open, constructive. see if we follow through and push the reversal pivot
IWO weaker, big caps have more juice
Trends ( Based on QQQ)
Shortest - 10 Day EMA - Up - Above Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Mixed - Above Flat
Longterm - 200 sma - Up - Above Rising
Group/Sectors % Change from the Open in Deepvue
SMH seeing a momentum push. See if it follows through tomorrow
Key Stocks in Deepvue
NVDA setting up a flag, expectation higher, see if it can push up.
QCOM great action. Semis have momentum
TOST could be the start of a a move from a large weekly pattern
KD huge strength after earnings
ZETA strong action after earnings
HOOD strong earnings growth, see how it acts tomorow
Market Thoughts
Strong response from the gap down. Seeing a lot of promising setups. See if we get follow through up. Follow through is a key sign of institutional support.
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)
This post was brought to you by Deepvue Charts. My Daily Driver for Charting, Alerts, Watchlist Management, and more!
I hope you found this article helpful!
Here is what you can do to help make them possible and support my work.
Leave a like on this post below
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.