NVDA Propels the Market To New Highs

Hi everyone,

I hope you are having a great Thursday!

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.

Now let’s dive in ↓

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Market Action

The QQQ gapped up and grinded higher, putting in a new closing high

IWO followed through up off the good close

Trends ( Based on QQQ)

Shortest - 5 Day SMA - Up - Above Rising

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Up - Above Rising

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Gap up and continuation in many growth names especially the semis.

Daily Performance charts from the open

Key Stocks in Deepvue

NVDA big volume after strong earnings. Gap up to new highs

AMD with a gap and go in tandem

FROG recent earnings mover trying to U

COIN and crypto names acting well. Forming a handle

APP U turning. Set up under the HVC

ARM gap up but poor close. having trouble with that pivot. Keep an eye on it

PLTR actionable today as it retested the EAVWAP and key level

HOOD acting well

Market Thoughts

Strong gap up led my the semis. Growth names still acting well.

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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