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.
This post is brought to you by Deepvue Charts. My Daily Driver for Charting, Alerts, Watchlist Management, and more!
Also, be sure to leave a like on this article and subscribe so you don’t miss any future ones!
Now let’s dive in ↓
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)
I hope you found this article helpful!
Here is what you can do to help make them possible and support my work.
Leave a like on this post below
Cheers!
Richard
P.S.
This Saturday, Rai and I will be hosting a webinar on Daily Routines and how to execute trades.
This includes how we sort intraday, build daily focus lists, identify rotation, and screen for new ideas.
You can register with this button:
Gread read as usual! Thanks.
Great observations as usual!