The Market Breaks out to New 52 Week Highs
Hi everyone,
I hope you are having a great Thursday!
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 followed through up and put in a gap and go. A few people asked yesterday what DCRS stands for. I mean’t to type DCRs which stands for Daily Closing Ranges. A lot of my WL showed strength by closing high in their daily ranges yesterday.
The IWO had a decent close but remains weaker
Deepvue SA40SMA - NYSE stocks above their 40smas is still declining but an upside reversal today
Volume
Volume was higher 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
Semis and Software lead the way today
Key Stocks in Deepvue
NVDA trending
TSM big gap
DKNG nice follow through
APP moving off the bottom of a multimonth base
ESTC at highs
MELI tight day near highs
UBER nice follow through
GTLB decent action
Market Thoughts
Semis power the market higher. Most stocks on my WLs acting great.
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)
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Cheers!
Richard
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