SMCI to New Highs But Weak Close
Hi everyone,
I hope you are having a great Monday!
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 inside day after making new highs. Close at lows.
IWO - New high, but closing at the low
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
Gold related names acting well. Semis moving higher but not the best close
Daily Performance charts from the open
Key Stocks in Deepvue
SMCI gap up on S&P news. Not the strongest close
NVDA gap up but weak close
HIMS great move from the post earnings consolidation
COIN expansion up
MSTR expansion upward. This themes continues to act well since the mos trecent feb 26 early breakout
ARM downside reversal but pulling into prior pivot
CRWD earnings tomorrow
NET setting up a pivot near 100
ACMR starting to flag sideways, decent close
PLTR negative day after wedging up toward recent highs. But decent close off some confluence
FROG pulling into the 10ema and at the bottom of the recent range
Market Thoughts
Some weak closes around so watching for continued weakness. Not too many completely ready setups right now. NET may be closest.
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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