NVDA Inside Day. Oil and Gas Make Moves.

Hi everyone,

I hope you are having a great Wednesday!

In this post 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

Now let’s dive in ↓

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Market Action

QQQ inside day above the 21 ema. Looks constructive

IWO - some follow through, but not overwhelming

Trends ( Based on QQQ)

Shortest - 5 Day SMA - Mixed - Below Flat

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Up - Above Rising

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Good action from most growth names. Some tightening after the move up

Daily Performance charts from the open

Key Stocks in Deepvue

SMCI riding the 10 ema

COIN not a good close but forming a range

NVDA inside day

FROG holding the 21ema

ARM potential higher low spot at the 21ema

IOT acting well

SQ follow through

PBF oil and gas names seeing some rotation. VLO, STNG, CNQ, MPC, TDW

ACMR tight range but not the strongest pattern because of that gap. needs to push through that

ARM tight

PLTR tight day. Can we get the ol false breakout reset near the 21

ASPN strong push but then a fade

HIMS nice outside day

Market Thoughts

Good action. We’ll see if semis and tech need more time or will continue to trend

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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Richard


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