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 ↓

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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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Richard


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