The Market Closes Back Below the MAs. TSLA Reports | Daily Market Update
Hi everyone,
I hope you are having a great Wednesday!
In this post I’ll concisely share my thoughts on today’s action.
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Now let’s dive in ↓
Market Action
Negative action overall as the QQQ closed back below the moving averages and leaked below the lows of the range it had been forming.
The IWO Negative expectation breaker. And it remains below all moving averages.
Volume
Volume was on the NYSE and on the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Down - Below Declining
Short-term - 21 ema - Down - Below Declining
Intermediate term - 50 sma - Down - Below Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Most of the names on my focus list closed down and near lows. Energy was the clear strong group today.
My focus is still on software, semis and cyber
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
CRWD Continues to act great
PLTR Still above the rising 21 ema. Forming a range between consolidation pivots. Downside reversal though
TSLA negative action. Muted response to EPS after hours.
NVDA Steep pullback the past few days
NTNX close near lows. Overall still in decent shape
PANW still holding up
ANET double inside days
NVO another tight day
SNPS still in this flag
Market Thoughts
Weak day today. There are still some growth names hanging in there, notably in the cyber space but the M factor is missing as well as broad participation. We’ll see how the week closes.
Remember that Earnings season is here which can add further volatility
Take it day by day and manage risk along the way.
What are your thoughts on today’s action? (Leave a comment below)
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Richard
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