The Market Trends Higher. Rotation Back into Crypto Theme
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 ↓
Market Action
The QQQ continued higher. There is some air again above the 21 and 50 sma.
We remain in a strong uptrend above the moving averages
The IWO Is forming a range and digesting it’s strong move up
Volume
Volume was lower 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
Growth names continue to act well. The Crypto theme was strongest. Steel also very strong
Daily performance chart (% change from open)
Key Stocks in Deepvue
NVDA back above the 500 level, would like to see a range form here before it pushes
AMD tightening nicely
CVNA inside and up
SMCI big push up, now can it tighten and form a pivot
MARA great move with the crypto theme. The inside bar and up was the most recent low risk entry
ESTC one to watch from this range against HVC
PATH nice close and one to watch
SNOW tightening but a bit far from the 21
IOT inside day low volume
COIN oops reversal
Market Thoughts
Not much has changed, market trending, stocks acting well. Some smaller cap stuff has moved really well the past few days but now nice action from META, GOOG.
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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