Positive Expectation Breaker as the Market Holds the 21ema
Hi everyone,
I hope you are having a great Thursday!
In this post I’ll concisely share my thoughts on the week’s action. And share a bunch of stock charts that caught my eye.
Now let’s dive in ↓
Market Action
The QQQ gapped up and closed strongly today after the negative close the day before.
IWO showed similar strong action, still building that range
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Down - Below Declining
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Lots of positive expectation breakers and strong days from my watchlists
Performance charts
Key Stocks in Deepvue
SMCI still the strongest stock. Look at the volume
NVDA strong as well. AMD not shown but nice action after holding 21
CAVA nice move
NFLX tight
NXT strong EPS reaction. Group not the best
MARA tight just under the mas
IOT tigthtening
Market Thoughts
Great Response and strong reports from the mega caps today. Semis/AI theme still the strongest.
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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