The Market Hesitates at Highs. Individual Stocks Strong
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 made another new high today and closed off lows after pulling back intraday. After a bunch of days up in a row a pause would be normal
We remain in a strong uptrend above the moving averages
The IWO gapped up and followed through
Volume
Volume was higher on the NYSE and on 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
Homebuilders and solar names stood out today
Daily performance chart (% change from open)
Key Stocks in Deepvue
NAIL this theme is very strong
TWST following through
MNDY new 52 week highs
ESTC not great action today but still forming a range
PATH decent close
RUN popping up through the 200 day
Market Thoughts
Continued strong action. Home builders, genomics, solar, oilers, energy strongest from the open.
Reminder:
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.
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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Richard
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I believe you know me well that I believe in your entreprenuership and capacity to make thinks.
I thing that the DV idea is fantastic but maybe is not for my age (66). If you would like my feedback, crude but sincere, let me know I will be provide.
If not, I wish you well in you live and projects.
Respectuffly, Ernesto