Pop Through the 21ema - Stalled at the 50

Hi everyone,

I hope you are having a great Friday!

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.

Tomorrow at 11am EST we will be doing a free webinar on Trading Indicators. You can sign up using the button below

Now let’s dive in ↓

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Market Action

QQQ Gap above the 21 ema but could not push through the 50.

IWO Gap up but not the best close

Trends ( Based on QQQ)

Shortest - 10 Day EMA Up - Above Rising

Short-term - 21 ema Up - Above Rising

Intermediate term - 50 sma - Down - Below Declining

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Strong action from tech groups.

Key Stocks in Deepvue

NVDA move up through the MAs

AAPL gap up but not a great close after earnings.

QCOM acting well after the earnings gap

TMDX great action from the HVC. This is a big base

DUOL push through the consolidation pivot. IOT as well

PLTR at the 50 sma now

WING awaiting direction after earnings

TDW strong action after earnings

CEG push off the base lows. Range near the 21

TWST great move on earnings

Market Thoughts

Follow through day type action on the indexes. Leaders acted well but not overwhelming feeling that everything is breaking out and volume was a bit lower.

Early next week it will be interesting to see how this gap is respected or filled.

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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