Positive Expectation Breaker and Back above the 21ema
Hi everyone,
I hope you are having a great Monday!
In this post I’ll concisely share my thoughts on today’s action.
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Now let’s dive in ↓
Market Action
After closing near lows Friday the QQQ gapped up and broke expectations. It also closed well just off highs.
We are back above the 50 sma and 5 sma.
The IWO also put in a positive expectation breaker. However, it remains weaker and below all the moving averages
Volume
Volume was lower on the NYSE and higher on the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Mixed - Above Rising
Short-term - 21 ema - Mixed - Above Rising
Intermediate term - 50 sma - Mixed - Above Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
The majority of names on my watchlists were up strongly today. Retracing friday’s moves somewhat.
My focus is still on software, semis and cyber
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
TSLA Upside reversal off the 50 day
CRWD great action
NVDA Oops reversal off the 50 day
PLTR wild bar with a great close
DUOL holding the base pivot
NVO upside reversal
NTNX tightening
ZS Acting well
Market Thoughts
Positive expectation breaker today. Many stocks acted well and set up inside days. We will have to see how those play out tomorrow. Seeing constructive action after going through my screens.
Earnings season is here which can add further volatility
Take it day by day and manage risk along the way.
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard
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