Stocks start tightening. Up, Down, or more sideways?

Hi everyone,

I hope you are having a great Tuesday!

In this post I’ll concisely share my thoughts on yesterday’s action. And share a bunch of stock charts that caught my eye

Now let’s dive in ↓

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Market Action

The QQQ continued to push higher through the trendline. we are now up 8 days in a row. Very strong move.

IWO is a bit weaker but is consolidating agains the 21 ema

Volume

Volume was very slightly 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 - Up - Above Rising

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Continued strong action from the WL and fresh moves.

Here’s a Daily Group Performance chart (% From Open) from TraderLion:

Key Stocks in Deepvue

TMDX not supposed to be profitable anytime soon but nice price reaction. This is the highest volume ever

UBER great reaction, beat on EPS

CELH nice growth and surprise but the price reaction was Indecisive.

DKNG continued follow through

PLTR tightening

VRT tightening

ROKU double inside after EPS move

PINS forming a range. Some air still to MAs. At a key level.

Market Thoughts

More constructive action. Names are tightening that had moved up and we still see new names gapping up on earnings and making moves. In general I’d still like to see some range building and tightening action to set up the next batch of pivots.

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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Richard


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