The Market Continues to Rally Strongly

NVDA Beats on Earnings

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 ↓

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Market Action

The QQQ continued it’s rally after undercutting the key level Friday. We are now at another key spot right near the 21ema and 50 sma

The IWO is weaker but also continues it’s move up

SMH - The semiconductors are right at Monday’s lows is also right at its 50 sma.

Volume

Volume picked up on the NYSE, while it declined a bit 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 - Mixed- Below Rising

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Strong action across the board

Here’s a Daily Group Performance chart from TraderLion Private Access:

Key Stocks

NVDA Beat on both EPS and Sales in Earnings After hours. one to watch to see how It handles the gap up tomorrow morning

+429% EPS Growth
+101% Revenue Growth
+29% EPS Surprise vs Estimates
+21% Rev Surprise vs Estimates

Data from Deepvue

UPWK - great action from this focus list stock

COUR also acting well

TSLA - can we get back above a rising 21 ema

Market Thoughts

We’ve got the reversal at key levels last Friday. Acting has improved since then. Watch for continued breadth expansion and moves to hold.

How NVDA and other leaders close tomorrow should be a tell.

Constructive action would be good closes, or tight action on decreasing volume, reconfirmations upward.

What are your thoughts on today’s action? (Leave a comment below)

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Richard