The Market Breaks Out into New 52 Week Highs
I hope you are having a great Monday!
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 ↓
The QQQ broke out of the tight range and closed well. We continue the power move up.
We’ll see how this move holds into the end of the week.
The IWO is back at a key spot
Volume was lower on the NYSE and higher 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
My growth names continue to act very well. NVDA EPS coming up
Here’s a Daily Group Performance chart (% From Open) from TraderLion:
Key Stocks in Deepvue
NVDA strong before earnings
ARM great action from IPO base
AAOI nice action
SMCI nice push
MSTR nice move from contraction against the pivot
PLTR continuation up
Great action from many growth names and my watchlist. Lots of moves from tight areas. Things are still “extended” from moving averages but are trending well and on weekly charts are mostly just getting started.
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. There will be many opportunities
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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