Stocks Move Sideways / Pull Back | Daily Market Update

Hi everyone,

I hope you are having a great Wednesday!

In this post I’ll concisely share my thoughts on today’s action.

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Now let’s dive in ↓

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Market Action

The QQQ initially gapped up before declining into the afternoon. However after FOMC was out of the way we grinded higher and closed near highs.

Overall some constructive sideways movement above the moving averages.

The IWO gapped up but sold off back towards the key level to the left. We did close off lows. Again the 21ema was resistance. This is still weaker than the QQQ

Volume

Volume was higher on the NYSE and lower on 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

Many names on my focus list rallied before pulling back, closes were mixed.
Overall holding up well.

Cyber, Semis, Software remain my focus groups

Here’s a Daily Group Performance chart from TraderLion:

Key Stocks in Deepvue

TSLA Inside day

CRWD very strong

NVDA nice action and close. Semis acting well.

PLTR closed near lows but range building

SMCI nice inside day

META at the base pivot. The low risk buy point was 3 days ago

NTNX great action

NVO gap up, and good close, LLY also strong

ESTC set up in a range

Market Thoughts

Ideally we continue to drift sideways and let moving averages catch up and set up new pivots. We’ll see everything acts into the end of the week. So far things look constructive

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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