The Market Accelerates Down
I hope you are having a great Thursday!
In this post I’ll concisely share my thoughts on today’s action. And there’s quite a bit to cover
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Now let’s dive in ↓
The QQQ continued down another percent today. We are approaching another key level.
The IWO broke below a key level and was down 1.5%
SMH - The semiconductors are right at Monday’s lows
Volume was lower on the NYSE and Nasdaq but still reasonably elevated.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Down - Below declining
Short-term - 21 ema - Down - Below declining
Intermediate term - 50 sma - Mixed- Below Rising
Longterm - 200 sma - Up - Above Rising
NVDA continues to build this mini flag, it should get directional soon (Up or Down)
Earnings are next Wee
ELF has been one of the top performers in the last 12 months. Nasty distribution bar today.
CELH still above the gap up lows but negative bar closing near lows today. Volume picked up slightly
TSLA continued the downtrend below a declining 21 em
Continued distribution in the growth leaders. I’m surprised NVDA is holding so tight but it could just be the last leader taken out. Alerts set either way.
Patience is key right now, preserve mental and financial capital so you are ready for the next opportunity.
Keep a list going of stocks that are developing and showing RS. This list will serve you well once conditions do improve.
Watch for large upside reversal bars at key levels, rallies on high volume, consolidations on low volume, gap ups, and other constructive volume signs.
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