The Market Continues to Coil
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 continues to compress against the moving averages.
The IWO is weaker and broke below the short term range it was forming.
Volume
Volume was lower on the NYSE and higher on the Nasdaq.
Trends ( Based on QQQ) - All Turn Up
Shortest - 5 Day SMA - Mixed - Above Declining
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up- Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Growth for the most part continued to form ranges. Coal continues to show strength, Bio pharma as well. Semis had a decent day.
Here’s a Daily Group Performance chart from TraderLion Private Access:
Key Stocks in Deepvue
TSLA forming a nice short term pattern here. We’ll see which way it breaks
ARRY - this has furstrated a lot of people but is trading better recently
CVNA watching for a more decisively higher
PLTR tightening at the bottom of this base
RIVN still in this tight range
DLO also tight
NVDA still forming that range near the 50 sma
Wide List for today in Deepvue
ACI ADBE AFL AFRM AKAM AKRO ALNY ANF APP ARES ARRY AVAV AVGO BRZE CDNS CFLT COST CRWD CVNA CYBR DASH DBX DELL DINO DKNG DLO DPZ DT DUOL ESTC FLT FN FSLY FUTU GPN GSK GTLB INSM IONQ IOT SN LI LOGI MELI MMYT MORN MPC MTSI MU NBIX NFLX NTAP NVDA NVO OKTA ON ONTO PANW PATH PLTR REGN RIVN RBC RVMD S SMCI SNPS TSLA TTWO UBER VMW VRT WRK WWD X
This is a combination of stocks that are setting up, showing pattern, or otherwise look interesting.
Market Thoughts
Decent amount of good looking setups. Don’t get too negative or positive on the markets. Let the setups and stocks guide your analysis.
We’ll see how the end of the week plays out. Continue to manage risk and take it day by day.
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard