The Market Accelerates Upwards after FOMC
FOMC Ahead
Hi everyone,
I hope you are having a great Wednesday!
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 rallied strongly after the dovish FOMC news. We are now 5 days up in a row and continue the push off the 21ema
In the very short term the index is getting a bit hot here as it is 8% above the 50 sma. However, what seems extended can continue to trend higher strongly. Just something to keep in mind.
Growth leaders remain very strong
The IWO reconfirmed higher powerfully.
Volume
Volume was higher 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
About 90% of the Deepvue Universe was green today, many up 3% or more.
Key Stocks in Deepvue
UPST biggest gainer. Note how RMV went to 0 before each of the most powerful bars.
CLSK rotation back into the crypto theme
AAOI continues to power higher
CVNA pushing off the base lows
ELF great action. the recent move started with the gap up back through the 21 ema
COIN push from the inside day
IOT finally closed through the HVC
SYM upside reversal watching for follow through
PATH looks setup for follow through
ESTC tight
ROKU upside reversal back into the range
Market Thoughts
Great reaction today with many names up big. Momentum looks to continue to the upside. Watch out for expectation breakers.
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)
This post was brought to you by Deepvue Charts. My Daily Driver for Charting, Alerts, Watchlist Management, and more!
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. We just released a new free resource: The Ultimate Screening Guide
This will help you find top stocks faster and speed up your routines.