Semi Stocks Power the QQQ to New Highs
Hi everyone,
I hope you are having a great Monday!
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
The QQQ is made fresh highs (with QQQE even stronger) as growth stocks acted great.
We remain above a rising 21 ema.
The IWO also acted well and is above the moving averages
Volume
Volume was higher on the NYSE and 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
Strong action from growth names. Semis stood out. Crypto theme took a hit
Here’s a daily Group Performance chart (% From Open) from TraderLion:
Key Stocks in Deepvue
AMD making fresh highs after reconfirmng after the tight day
LRCX strong breakout
NVDA mega caps were weaker but this had a decent close
PATH nice inside day
COIN crypto names took quite a hit today
IOT also with an inside day
DUOL tight day
DKNG poking its head above the 21 ema, would like to have seen more power
Market Thoughts
Growth stocks and especially semis acted great. Crypto theme which was extended took a hit and may need more consolidation. mega caps lagged a bit but closed well
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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Nice charts, thanks!
very valuable analysis