NVDA Pushes Higher - Semis Setup for More?
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.
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Now let’s dive in ↓
Market Action
QQQ - We got the 2nd scenario I mentioned yesterday. A strong push up through the 21ema. Watching to see if we follow through and challenge highs
IWO still weaker bus finding support at the prior base pivot
Trends ( Based on QQQ)
Shortest - 10 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
Semis Perking up.
Key Stocks in Deepvue
NVDA follow through up back above the 21ema
MU pushing out of this short flag
COIN follow through up from the oops reversal
SMCI holding the 50 sma
SG forming a range near the 21
UBER up against the 21ema.
TOST decisive move
CAVA follow through up from 50sma
AMD lagging somewhat the other semis but so far holding a range here
CRWD right at the MAs
HIMS tight day
Market Thoughts
Constructive day as names started to lift up. Watching to see if more names follow through
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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What you said can't be emphasized enough. "Risk Management is Paramount". After my entry has set up and before I place the trade, I make sure I know the size, the risk, the stop, and what my profit goal is, all onto my trade worksheet. Then I buy. If it's run up so fast that it's passed my buy zone, I wave goodbye and move on. I set alerts for everything. Buy alerts, sell alerts, add alerts, go for a walk alerts, drink a glass of water alerts... Hahaha!