PLTR Follows Through. SMCI, NVDA keep Trending
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Now let’s dive in ↓
Market Action
The QQQ mildly broke out of the range.
IWO still forming a base
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
Semis, software, cyber had good days
Daily Performance charts:
Key Stocks in Deepvue
PLTR great follow through
SMCI still trending.
CRWD trending
ARDX spec name but tight. CBAY also. CCCC set below the 21. can watch LABU also
RVSN very spec
NXT tightening. Solar got a bit of a push
MARA can watch for a pop through the 21ema with BTC setting up
SNOW still in this range
PATH good close. right at the 50. IOT similar look
Market Thoughts
Decent close in a lot of names. Leaders still trending.
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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Hey Richard, thanks for putting these newsletters together and all the work you do! Would love an extra sentence of analysis on the QQQs and SPYs - I always pay attention to your newsletters and glance at those when they come in. I don't actively monitor them so market direction is always great to understand. Succinct is key of course and your short form is always appreciated.
I very much like the short format with succinct statements about markets, trend, groups, key stocks, thoughts. The opposite of getting lost in the woods. And the daily risk management reminder is important.