Semiconductors Continue to Weaken. NVDA Pulls back to the 21ema

Hi everyone,

I hope you are having a great Monday!

In this article I’ll concisely share my thoughts on the day’s action. And share a bunch of stock charts that caught my eye.

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Now let’s dive in ↓

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Market Action

QQQ - below the 10 ema now, looks like a retest of the 21ema is likely.

IWO choppy. having trouble with the 21ema

Trends 3/4 ( Based on QQQ)

Shortest - 10 Day EMA - Down - Below declining

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Up - Above Rising

Longterm - 200 sma - Up - Above Rising

Group/Sectors % Change from Open

strength in energy, biotech. Semis pulling in

Key Stocks in Deepvue

NVDA sharp pullback to the 21ema. see if it responds here. Broke the 10 ema. Near weekly clothesline level.

MRO energy names acting well. DV leaders: MRO TRGP SUN EC WES CEIX AR CCJ ETRN

CVNA perked up

PAAS many miners look similar. AGI AEM

FSLR fighting to build a range here

CRWD one to watch for a pattern as long as it holds above the base pivot area

RL base near a big spot on the weekly

GME tightening. no idea if it expands to the upside or downside

Market Thoughts

Semis more pullback see if we rotate into other groups.

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. Look for a tight and logical entry point.

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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