The Market Hesitates At The Key Level

Hi everyone,

I hope you are having a great Monday!

In this article I’ll concisely share my thoughts on the day’s action. And share a bunch of stock charts that caught my eye.

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Now let’s dive in ↓

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Market Action

QQQ - The market could not push through the reversal day high from a few weeks ago and closed near the open and yesterday’s close, off highs. Some back and fill into the 50 day would be normal and set up a higher low.

IWO stronger, better close. A bit short term extended

Trends ( Based on QQQ)

Shortest - 10 Day EMA - Up - Above Rising

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Mixed - Above Flat

Longterm - 200 sma - Up - Above Rising

Group/Sectors % Change from the Open in Deepvue

mixed results with more defensive themes stronger, Miners, Oil

Key Stocks in Deepvue

NVDA like the action, inside day in spirit with a good close above the MAs

PLTR bad look. see if it can hold and rebuild but likely needs time

DUOL inside day at the pivot. Bit stretched from the MAs

MU consolidation day

CAVA bit volatile here above the pivot but acting fine

HOOD earnings tomorrow

GOOG nice push. Noticed that they started implementing AI overviews on search

BPMC upside reversal after the gap

MOD good follow through

Market Thoughts

Mixed day. QQQs at that key level. We’ll see if they need some pullback.

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. 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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