Stocks Close off highs. Rest Needed? | Daily Report
Hi everyone,
I hope you are having a great Tuesday!
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 continued through the 50 sma but closed off highs. It’s now been up 3 days in a row. We are now above the 50 sma and 21 ema although the 50 sma is still declining
Aggressive traders likely were selling some into strength today.
The IWO had a better closing range and closed above the key level. It did run into the declining 21 ema and close off highs
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
I saw some fresh breakouts today from my watchlists but also some consolidation/hesitation type days from stocks that had already rallied strongly.
Cyber, Semis, Software remain my focus groups
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
TSLA moved from the range but closed off highs.
NVDA emerged from the inside day but also closed off highs
PLTR closed off highs. Would like to see a range on lower volume form here
CRWD Staying pretty strong, this theme is a focus
ACMR nice move
SMCI Gap and go from the range
VRT Gap and go and then a poor close
ONTO nice move from the inside day
Market Thoughts
Ideally we get a few days rest where things consolidate through time rather than price. Many stocks that had already rallied strong took a breather today or had poor closes.
We’ll see how they act into the end of the week.
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
Thanks Richard! Helpful analysis and thoughts.