Positive Expectation Breaker, AMD Breaks Out
Hi everyone,
I hope you are having a great Thursday!
In this post I’ll concisely share my thoughts on today’s action. And share a bunch of stock charts that caught my eye
Now let’s dive in ↓
Market Action
After yesterday’s downside reversal the QQQ put in a positive expectation breaker by gapping up and staying strong. The QQQ continues to tread water over the past few weeks, staying near highs
The IWO also put in a constructive upside reversal and stays tight here forming a range.
Volume
Volume was lower on the NYSE and higher on the Nasdaq.
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
Semiconductors stood out especially due to AMD. Most names on my focus list were positive and many had good DCRs.
Here’s a daily Group Performance chart (% From Open) from TraderLion:
Key Stocks in Deepvue
AMD great action today after new AI chip news
NVDA lagging past few weeks, forming a range under the 21
TMDX tight area
S upside reversal
IOT some follow through down. Watching for continuation up
ESTC nice tight consolidation day
GTLB closes tightening
PATH will it U turn
DUOL low volume down
SNOW tightening
CRSP tight day
Market Thoughts
No follow through down is a positive sign. On watch now for continuation up to end out the week:
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.
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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