The IWO Drops 2%, What's Next?
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 put in a nice consolidation day as it starts to go sideways.
The IWO looks a lot weaker. Breaking below the 21 ema and closing near lows.
Volume
Volume was higher on both the NYSE and Nasdaq.
Trends ( Based on QQQ) - All Turn Up
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
For the most part stocks seemed to act well, but looking at the chart below you can see a lot of groups gave back some performance.
Here’s a Daily Group Performance chart from TraderLion Private Access:
Key Stocks in Deepvue
NVDA nice bar at the pivot, volume is lower
RYTM got stopped on this reversal
IONQ nice action as well
FRSH nice bar. Could build out a mini flag
UPWK nice tight flag here
Market Thoughts
Decent action today although the weakness in IWO is something to keep an eye on. Overall stocks still look fine for the most part, we are still working through the short term extension.
Continue to manage risk as always!
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard
I really like that you keep it concise.
Love your stuff, reading it everyday! Maybe I should like and comment more often then :)
I´ve got a question, if we take these 4 stocks, and look at their "cycle"..comparing them to each other, the market. How would you rank them in their cycle (Weekly)
NVDA
IOT
IONQ
VRT
My thught is, that Im kind of waiting for att pullback in some of them...like a handle, back to old ath or something..and IOT for example may have done that but NVDA is showing more strength.
INTA and AI is another ex. of a stocks that made their high in June already, are they laggers or are they the leaders that are in front in their cycle.