The Market Breaks Out into New 52 Week Highs

Hi everyone,

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 ↓

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Market Action

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

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

Group/Themes Action

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

COIN expansion

ARM great action from IPO base

AAOI nice action

SMCI nice push

MSTR nice move from contraction against the pivot

PLTR continuation up

Market Thoughts

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.

Remember:

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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Richard


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