NVDA Breaks out. The Market Retakes the 21ema Powerfully.
Hi everyone,
I hope you are having a great Monday!
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 broke out up from the range it had been forming and powerfully retook the 21ema. Great close. There is still the gap area above to note.
The IWO also rebounded strongly
Volume
Volume was lower on the NYSE and higher on the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Mixed - Above declining
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Bio Pharma Big Caps very strong
Key Stocks in Deepvue
NVDA Base Breakout
AMD strong action
VKTX move from the inside day
ANET gap up and go
CRWD similar strong move
ARWR pushing up on higher volume.
ELF nice action from the wick retaking the base pivot
ASND continuation up
LBPH tight
HUT upside reversal. Similar action in crypto names
IOT off the confluence area
Market Thoughts
The QQQ regains the rising intermediate term trend decisively. Many stocks from my WL acted great and moved off the 21ema
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
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