The Market Fades and Pulls back.
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 ↓
Market Action
The QQQ was down today after 9 straight days up. We attempted to push higher through resistance but were rejected and undercut yesterday’s lows.
I wouldn’t be surprised to see multiple days of choppiness, letting the MAs catch up
We remain above the moving averages
IWO remains weaker and followed through down. It is back below the moving averages
Volume
Volume was higher on the NYSE and the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Mixed - Below Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Decent amount of pullbacks in extended names. Still a few fresh move
Here’s a Daily Group Performance chart (% From Open) from TraderLion:
Key Stocks in Deepvue
DUOL the key standout today, great close on a weak day. Surprise positive EPS
COIN decent action but a fade into the end of the day. BTC acting well
SPOT followed through then closed on lows, lots of this type of action today
APP big negative reversal
TSLA reversing back down
DDOG double inside day
PLTR still forming a range
QLYS forming a range
Market Thoughts
We’ll we saw the reversal today. Things could get choppy in the short term. Want to see respect for the moving averages and support levels. When things tighten again there should be great 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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Cheers!
Richard
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seems there are two different markets - large caps and everyone else.