Short Term Pullback Continues | Daily Report
Hi everyone,
I hope you are having a great Thursday!
In this post I’ll concisely share my thoughts on today’s action.
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Now let’s dive in ↓
Market Action
The QQQ had a volatile day but ultimately held the 50 sma and closed off lows. The short term pullback/sideways move continues.
The IWO is in much rougher shape as it had a negative bar and has now been fully rejected by the declining 21 ema
Volume
Volume was higher on the NYSE and the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Up - Above Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Mixed- Above Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Most of the names on my focus list were red today. On my wide list the top performers were commonly from the semi & software area.
Cyber, Semis, Software remain my focus groups
Here’s a Daily Group Performance chart from TraderLion:
In the Deepvue Universe. Oil and Gas names dominate a sort by DCR
Key Stocks in Deepvue
TSLA pulled back to the 21 ema
CRWD still screaming strength
NVDA held green. Ideally forms another pivot
PLTR nice 3 day range forming
DUOL nice close off lows
ESTC pushed higher but then failed
CAMT move from inside day
KLAC nice move off base lows. needs consolidation
Market Thoughts
Almost the same message as yesterday: Ideally we continue to drift sideways and let moving averages catch up and set up new pivots. Some more selling today but things are holding up for the most part.
The IWO bar is not great, would like to see that recover.
Take it day by day and manage risk along the way.
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard
P.S.
This Saturday, Rai and I will be hosting a webinar on Daily Routines and how to execute trades.
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Nice quick catchup. Thanks
Richard Is there a way to see what Deepvue has in genomics vs biotechnology? Also, CTRA is not an integrated oil company, it is an exploration and production company with a small salt water disposal gathering system.