The Market Continues Higher
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
The QQQ followed on yesterday’s strong bar and finished with a good closing range. This is now the 4th day in a row of gains.
The IWO was strong as well, although retreated a bit from highs after nearing the 50 sma level.
Volume
Volume was lower on both the NYSE and Nasdaq.
Trends ( Based on QQQ) - All Turn Up
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
Most groups were positive again today.
Here’s a Daily Group Performance chart from TraderLion Private Access:
Growth stocks as a whole continue to act well
Key Stocks in Deepvue
NVDA gained slightly again but not a decisive candle
TSLA decent day, still finding some resistance at the 50 sma
IOT great action. EPS tomorrow. The Deepvue EPS Flag is a very handy reminder
DLO continued move
MNDY I like how this is setting up. Was actionable yesterday through the pivot
RYTM Set up. Fast mover, manage risk
UBER nice pop
UPWK Actionable today
Market Thoughts
Continued good action. However we are up 4 days in a row now so prepare yourself for a potential profit taking day soon. Growth stocks are acting well and breadth is improving.
There will be a test and pullback, how stocks act on that day and how they close should provide valuable info about the true leaders.
Continue to manage risk as always!
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard
Except for the slightly lower volume Wednesday everything screams follow through day. Although may be lots of volatility ahead.