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 ↓
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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Cheers!
Richard
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Awesome list of names…