The Market Follow Through off Lows. Will it Stick?
Hi everyone,
I hope you are having a great Thursday! In this post I’ll concisely share my thoughts on today’s action.
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Now let’s dive in ↓
Market Action
The QQQ built off yesterday’s close and continued higher back through another key level. It remains below the 21 ema
The IWO also popped. The very short term action looks stronger than the QQQ.
Volume
Volume was lower on both the NYSE and Nasdaq. Not by much.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Up - Above increasing
Short-term - 21 ema - Down - Below Declining
Intermediate term - 50 sma - Down- Below Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Growth stocks, especially the ones that have been showing RS acting very well today. We’ll see if this is just a fake out but we have to take it day by day.
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
TSLA still forming a range here below MAs
NVDA Wedging higher
PLTR two straight powerful days. Into the AVWAP from highs and 50 sma. would like to see a range form here.
DUOL nice action. In kind of no man’s land now
CAMT nice move from the short range
FN nice action
Market Thoughts
Constructive action again with more stocks participating. The test will come when this up move consolidates/pulls back. How the market and stocks reacts to that stress will be telling.
The routine remains the same. Track RS, potential leaders holding and shaping up so you are ready when the stocks tell you they are ready.
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard