ON breaks out into new all time highs as semi stocks rise strongly
The Market Gains over 1% a day before Powell's Jackson Hole Speech
Hi everyone,
Let’s dive right into Thursday’s action. We’ll cover the general market, and then individual stocks that stood out today.
Make sure you are subscribed so that you don’t miss any future articles
The General Market
The QQQ was up 1.77% closing at highs. There were net new highs today on the Nasdaq. It is close to filling the recent gap down.
The SPY was equally strong up 1.4%. The NYSE also had net new highs.
The IWM looks to have formed a higher low after finding support at the previous breakout point.
The VIX is back below its 21 ema.
Trends
Short term: Down (Still below the 5 SMA)
Intermediate Term: Mixed (The 21 ema is flat)
Long-term: Down (Below a declining 200 sma)
Stocks
Many stocks acted well today. Semi stocks were boosted after a strong recovery of NVDA after a “negative” earnings report. NVDA still has a lot of work to do but it bodes well for stocks in the group that have stronger charts
GFS pushed up strongly on an increase in volume
ON made new ATHs
ACLS great move on huge volume
AEHR Upside reversal, I would like to see this tighten
HDSN nice BO
WOLF continues from the HVC, Next entry will be after a consolidation
ENPH continues to push back higher in the range. Before an ATH attempt I would like a short term pullback.
FSLR continued to push higher
Overall thoughts
Today was very strong. Be aware of Powell’s speech tomorrow which will likely cause volatility.
Manage things objectively and be ready for anything. If you have a strong profit in a potential leading stock, look to give it the benefit of the doubt unless it completely changes character.
What do you think of today’s action? Let me know below.
I hope you found this article helpful! Let me know your thoughts in the comments below.
Here is what you can do to help make them possible and support my work.
Share this post on Twitter using the button below
Leave a like on this post below
Have a great week!
Richard
great summation spot on
Quick question…what’s the diff between annual and founding member subscriptions? Thank you