The Market Advances 9 Days in a Row
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 is now up 9 days in a row. Odds increase of a shorterm pullback or consolidation which would be healthy
Though we broke though the downward trendline I showed yesterday, we are at potential horizontal resistance. Be ready for a profit taking day. If that happens watch keys spots to see if they hold on individual names and what bounces or breaks.
A cosnolidation or pullback that lets the MAs catch up would be healthy. ideally individual names see rotation as that happens. But be ready for anything and guarantee a higher low on your equity curve.
IWO is still weaker with a negative day breaking the 21 ema. It hasnt quite filled that gap. Remains below declining 50 and 200 smas
Volume
Volume was 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
Overall decent action. Some names pulled back
Here’s a Daily Group Performance chart (% From Open) from TraderLion:
Key Stocks in Deepvue
LLY decent action to FDA drug approval
SPOT no real volume but decent start, should hold todays low if its going to push out
TSLA forming a range down there, which way does it resolve
VRT tightening
COIN forming a range
APP this bar includes the strong after hours move on earnings
PINS still forming a range. can’t quite push higher
DKNG nice action but a bit stretched now. A lot of charts look similar
DDOG inside day
ROKU nice upside reversal
PLTR forming a range
Market Thoughts
Decent action but aware that things have move up powerfully and a pullback into mas would be healthy. 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. 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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