Semis primed? Consolidation Day
Hi everyone,
I hope you are having a great Wednesday!
In this post 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 ↓
Market Action
QQQ consolidating constructively sideways after the gap. nice upside reversal
IWO - stronger action, progressing higher.
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
Many strong moves in biotech today. VKTX, BEAM, ALT. Semis resting
Daily Performance charts from the open
Key Stocks in Deepvue
NVDA consolidating the gap
AMD tight and nice upside reversal off the 21
VKTX huge volume move on weight loss drug news
BEAM big volume move
CFLT tight
SMCI tight. Could be setting up for another move up
ARM pulling back to the pivot
PLTR push through the short pivot. ideally rests before trying to take out highs
COIN and most crypto names some follow though with mixed closes
NET could not push and back into the range
HIMS highest volume ever on earnings surprise
Market Thoughts
Good action. Semis on watch after a fews days of consolidation
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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Cheers!
Richard
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Your charts are from Tuesday 2/27.
Looks like all of these charts and the accompanying analyses are a day old.