The Market Fails to Follow Through
Hi everyone,
I hope you are having a great Friday!
In this post I’ll concisely share my thoughts on the day’s action. And share a bunch of stock charts that caught my eye.
Now let’s dive in ↓
Market Action
The QQQ gapped up but reversed downward. we remain in a trend above the 21 ema. Overall a good week finishing right near highs
IWO was a bit stronger, but also showed signs of stagnation
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
Semis and Crypto remain in focus.
Daily Performance charts from the open
Key Stocks in Deepvue
NVDA reversal off highs but still strong action post earnings. Trending. A bit stretched from MAs short term.
AMD I like how this is setting up below highs. One more day of pause before a breakout would be ideal
COIN this will be a focus next week. Forming a handle. Great spot on a weekly chart
APP could not retake the HVC today.
PLTR still can’t fill that gap. Reversal
SMCI very wide ranges but starting to set up either for a lower high or continuation up. Very volatile at this point.
ARM has potential here at this pivot if semi names run. held up better than most today
HOOD nice action after the HVC retest
Market Thoughts
Good recovery this week after NVDA earnings. mostly pullback/consolidation day today. Starting to set up some pivots. Still more consolidation would improve quite a few charts and let MAs catch up. Have a great weekend!
Risk Management is Paramount
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. Look for a tight and logical entry point.
Have patience, focus on the best stocks with the greatest potential. These will telegraph the rest of the market.
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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