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 ↓

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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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Richard


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