Strong End to The Week - Path U-Turns
Hi everyone,
I hope you are having a great Friday!
In this post I’ll concisely share my thoughts on today’s action. And share a bunch of stock charts that caught my eye
Now let’s dive in ↓
Market Action
The QQQ is back at previous reversal levels after acting well into the close. Continued strong action after the gap down open.
We remain above a rising 21 ema.
The IWO followed through on the upside reversal
Volume
Volume was lower on the NYSE and 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 - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Strong action from growth names.
Here’s a daily Group Performance chart (% From Open) from TraderLion:
Key Stocks in Deepvue
PATH strong move and U turning
AMD nice action post breakout
UPST in a new upcycle
COIN continuing to trend and outperform
AFRM continuation up
NVDA up through the 21ema
LULU strong action after earnings
S follow through
IOT upside reversal, not the strongest close
GTLB upside reversal
DUOL move off the 21ema
CRSP breakout was looking great until news hit
Market Thoughts
Continuation up from growth names. Leaders acting well to end the week.
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.
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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