The Market Continues to Trend. Leaders Act Well

Hi everyone,

I hope you are having a great Thursday!

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 ↓

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Market Action

The QQQ is holding its gap up extremely well right near highs. We’ll see if it does eventually fill the gap but right now it’s showing real strength.

Some will call this pattern a double top. for me, based on the strength of this move, I think we likely continue higher after (ideally) a pause.

The IWO is weaker, following through down but still holding the gap lows so far.

Volume

Volume was lower on the NYSE and 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

My leaders list was mixed, still some stocks that are quite extended, but in strong moves
Here’s a Daily Group Performance chart (% From Open) from TraderLion:

Key Stocks in Deepvue

TMDX setting up a pivot here

DUOL nice upside reversal

NVDA ideally forms out a range here

UBER this one refuses to pullback for more than a day

PLTR upside reversal

DASH tight inside day

Market Thoughts

Growth stock leaders continue to act great. we will see if they consolidate more but at the moment there are no real signs of weakness. Every day brings new information

Remember:

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. There will be many opportunities

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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Richard


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