Oops Reversals .... Volatility in Tech Continues. NVDA, COIN, SMCI Charts
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.
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Now let’s dive in ↓
Market Action
QQQ continues to consolidate. Volatility has picked up and we are right above the April 4 downside reversal bar lows and 50 sma. Those are the key downside levels for me to either watch for a failure and start of a downtrend or an undercut and rally.
To the upside Ideally we would get a powerful move back through the 21ema
IWO weaker. Below the moving averages. Could be the start of a transition to a downtrend. We are at a ke spot here as well, right around the base pivot from earlier this year.
Trends ( Based on QQQ)
Shortest - 10 Day SMA - Down - Below Declining
Short-term - 21 ema - Down - Below Declining
Intermediate term - 50 sma - Up - Above Rising but flattening
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Oil and Gas and Miners showing the most strength over the past week or so
Key Stocks in Deepvue
MU Oops reversal but not the best close. holding near the 10ema
TECK short term extended but just under all time high
SG first pullback to 21ema area after the earnings gap
CEG one of the energy momentum leaders. holding the 21ema
TMDX short term extended but approaching highs
AGI miner, at the pivot
HOOD pullback to the 21ema. I like how orderly it has been. Oops today
META holding up well. Saw there was some AI chip news
WING basing. SHAK in same theme off the 50
NTNX great action off the 21ema as it bases
HIMS pulling back. forming a range right here
LLY basing at the 50
COIN like the Oops and close.
BROS forming a range here
NVDA just under the 21ema
SMCI right at the 50. Eyes off this now. Want to see volume come In on a push up
Market Thoughts
Continued rotation but some decent oops reversals out there. The growth names have been basing/chopping for a few weeks now.
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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Two strong tech stocks.. $VRT and $APP